Lagos To Buy Petrol At N950 Per Litre As NNPC Releases Nationwide Petrol Prices

The Nigerian National Petroleum Company Limited (NNPC Ltd) has released estimated pump prices for Premium Motor Spirit (PMS), commonly known as petrol.

Sourced from the Dangote Refinery, these prices will be in effect for September 2024 across NNPC’s retail stations nationwide.

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The NNPC emphasizes that, under the Petroleum Industry Act (PIA), petrol prices are determined through direct negotiation between parties, adhering to an arm’s length principle. This means the government does not dictate the final cost.

Furthermore, NNPC confirms that it is currently paying Dangote Refinery in US dollars for September’s PMS purchases. The transition to naira transactions will occur on October 1st, 2024.