After weeks of speculation surrounding petrol supply from the 650,000 barrels-per-day Dangote Refinery, the Nigerian National Petroleum Company Limited (NNPCL) has revealed the gate price for premium motor spirit (PMS) from the refinery.
In a statement released by NNPCL on September 15, 2024, the company announced that it had commenced lifting petrol from the Dangote Refinery, setting the gate price at $0.55 per liter. This follows the introduction of the Naira-for-crude agreement between NNPCL and Dangote Refinery.
According to the NNPCL, with the current exchange rate at ₦1637.59 to the dollar, the retail price at NNPC stations in Lagos stands at ₦950 per liter. The disclosure of the refinery’s petrol gate price marks a significant milestone in the Nigerian petroleum industry, offering transparency and setting a benchmark for other refineries in the region.
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The announcement provides clarity on the cost of petrol supply from the refinery, giving consumers insight into pricing expectations. It also highlights the influence of exchange rates on local fuel prices.
NNPCL’s decision to begin lifting petrol from the refinery signals a step toward reducing Nigeria’s reliance on fuel imports, as the country moves closer to self-sufficiency in fuel production. The partnership between NNPCL and the Dangote Refinery aims to bolster Nigeria’s energy security and economic stability.
This development is seen as a transformative moment in Nigeria’s energy sector, marking a new era of transparency, efficiency, and long-term sustainability.
