The Nigeria National Petroleum Company Limited (NNPC) has released a revised breakdown of the estimated price for petrol purchased from the Dangote Refinery. The NNPC, in a statement on Monday morning, released a detailed breakdown of the refined petrol product purchased from the Dangote Refinery on Sunday, September 15.
The NNPC also confirmed that it is currently paying Dangote Refinery in US dollars for September 2024 petrol offtake, with Naira transactions set to begin on October 1st, 2024.
“The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.
“The NNPC Ltd. can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
While the data of the estimated price to be sold around the country remains the same, the analysis of the transaction it had with Dangote Refinery was altered.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee during the first statement on Monday was ₦8.99 and was reduced to ₦4.495 during the second statement.
The first statement had an inspection fee of ₦0.97, a margin fee of ₦26.48 and a distribution fee of ₦15.
Additionally, the inspection and margin fees have been removed in the second statement released on Monday. The distribution fee has been increased from ₦15 to ₦42.45.
Finally, a new Midstream and Gas Infrastructure Fund fee of ₦4.495 has been added in the second statement.
This article was written by Tamaraebiju Jide, a student at Elizade University
