The Nigerian National Petroleum Company Limited (NNPC) is preparing to implement a new pricing regime for petrol, following the lifting of approximately 103 million litres from Dangote Refinery between September 15 and 30. During this period, the refinery loaded 2,207 out of 3,621 trucks, resulting in a total of 102,973,025 litres being transported, which represents only 26 percent of the planned 400 million litres intended for delivery at a rate of 25 million litres per day.
Since September 15, NNPC has been the sole off-taker of petrol from Dangote Refinery. Initially, the company announced a purchase price of N898.78 per litre, selling it to marketers at N765.99 per litre, thereby covering a subsidy of nearly N133 per litre. Despite this, the pump prices at NNPC stations across Nigeria have remained between N855 and N897, depending on the location.
As the company depletes its imported petrol stocks and increasingly relies on products from Dangote, insiders indicate that an upward adjustment in pump prices is inevitable.
The specifics of the new pricing regime remain unclear. NNPC’s chief communications officer, Femi Soneye, was unavailable for comment. However, a pricing template released on September 16 suggested that prices could reach N950.22 per litre in Lagos, N980.22 in Rivers State, and N992.22 in Abuja, with estimates as high as N1,019 per litre in Borno and surrounding North-eastern states.
Due to fluctuations in foreign exchange rates and rising crude oil prices—now above $78 per barrel—industry insiders caution that the cost of petrol may rise significantly, potentially exceeding N1,350 per litre.
Previously, NNPC raised pump prices from N617 per litre to a range of N855 to N897 on September 3. Further adjustments are anticipated as the new price regime is implemented.
