The Nigerian National Petroleum Company Limited (NNPC) has released an updated breakdown of the estimated price for petrol obtained from the Dangote Refinery.
In a statement issued on Monday, September 16, 2024, the NNPC clarified the terms of the transaction, noting that payments for petrol in September will be made in US dollars. Naira-based payments are scheduled to commence on October 1, 2024.
The oil company provided a chart outlining the new estimated prices of Premium Motor Spirit (PMS) at its retail outlets nationwide. The prices reflect international gasoline rates and current foreign exchange conditions, in accordance with the Petroleum Industry Act (PIA) 2021.
In contrast to the initial pricing statement released earlier on Monday, the revised version revealed several changes. The Nigerian Midstream and Downstream Petroleum Regulatory Authority fee was adjusted from ₦8.99 to ₦4.495, while the inspection and margin fees of ₦0.97 and ₦26.48, respectively, were removed. The distribution fee was increased from ₦15 to ₦42.45, and a new Midstream and Gas Infrastructure Fund fee of ₦4.495 was introduced.
