LAGOS — Hopes for reduced petrol prices from Dangote Refinery were dashed yesterday as NNPC Limited announced a new pricing structure, raising the pump price by 11% to N950 per litre.
Two weeks ago, prices had already surged by over 45% in anticipation of the refinery’s supply. However, a pricing dispute between NNPC and Dangote Refinery confirmed that petrol from Dangote would not be cheaper. The updated document revealed that the base cost per litre would be N898, with additional fees for regulatory charges and logistics bringing the final price in Lagos to N950.22.
Across the country, prices vary, with Abuja, Kaduna, Kano, and Sokoto seeing increases to N992.22 per litre, while Borno residents face the highest cost at N1,019 per litre. Port Harcourt and Imo have also experienced a price hike to N980.22.
NNPC maintains that it sourced the product from Dangote at N898 per litre and challenged any differing claims to be made public. The company clarified that petrol prices are determined by negotiations, not the government, under the Petroleum Industry Act.
In response to concerns, NNPC assured the public that any potential discounts from Dangote Refinery would be fully passed on to consumers.
Although NNPC has lifted 16.8 million litres from the refinery, depot owners have yet to receive the product, with many still relying on imported petrol, which is sold at N766 per litre.
Independent marketers warned that consumers might pay up to N1,200 per litre in non-NNPC outlets due to the rising costs, especially in northern regions where prices are expected to escalate further.
Meanwhile, the Dangote Refinery has remained silent on the issue, while marketers await clarity on future pricing strategies.
Despite the start of Dangote’s petrol supply, independent marketers seek direct access to the refinery’s products, emphasizing their vast network of filling stations across the country. They argue that they could be valuable partners in ensuring broader distribution but have not yet been contacted by NNPC regarding access to the new supply.
Industry stakeholders continue to call for greater transparency and fairness in the sector to ensure product availability and affordability nationwide.
