KEY POINTS
- NNPCL confirms paying Dangote Refinery in US dollars for September petrol supplies.
- Naira-based transactions for refined petrol will commence on October 1st, 2024.
- The updated breakdown includes revised fees, with changes in distribution and regulatory charges.
The Nigeria National Petroleum Company Limited (NNPCL) has issued an updated breakdown of the projected price of petrol purchased from the Dangote plant.
According to PUNCH Online, the NNPC provided a breakdown of the refined petrol product purchased from the refinery on Sunday, September 15.
The country’s oil company announced that it is paying the Dangote refinery in US dollars for the September 2024 petrol offtake and that Naira transactions would begin on October 1st, 2024.
The announcement states, “The NNPC Ltd. has issued expected prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery), at its retail stations across the country.
“The predicted costs are based on negotiated agreements between NNPC Ltd. and Dangote Refinery, which take into account current international gasoline prices and the existing foreign exchange rate in accordance with the Petroleum Industry Act (PIA) 2021.
Naira transactions to start in October 2024
“The NNPC Ltd. can confirm that it would pay Dangote Refinery in USD for the September 2024 PMS offtake, as Naira transactions will not begin until October 1st, 2024.
While the expected price to be sold across the country remains unchanged, the analysis of the transaction with Dangote Refinery has been updated.
The revised breakdown includes changes in distribution costs
On Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority fee was ₦8.99 in the first press announcement, but ₦4.495 in the second.
The first statement included inspection fees of ₦0.97, margin fees of ₦26.48, and distribution fees of ₦15.
The second statement on Monday included no inspection or margin costs, but the distribution fee was increased to ₦42.45.
The second statement included an extra Midstream and Gas Infrastructure Fund cost of ₦4.495.
