The Nigerian National Petroleum Company Limited (NNPCL) has corrected an error in the petrol price statement it released earlier on Monday. Initially, NNPCL provided a chart detailing the estimated petrol prices based on refined petrol obtained from Dangote Refinery. However, the breakdown of transaction details between NNPCL and Dangote Refinery required revision.
In the updated statement, NNPCL confirmed that the prices are based on negotiated terms reflecting current international gasoline prices and the prevailing foreign exchange rates, in accordance with the Petroleum Industry Act (PIA) of 2021. NNPC also stated that it is paying Dangote Refinery in U.S. dollars for petrol in September 2024, with Naira transactions starting on October 1, 2024. They reassured the public that any discounts from Dangote Refinery would be fully passed on to consumers.
The main difference between the two statements is the change in fees. The first statement included a Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDP
