Nigeria’s National Petroleum Company Limited (NNPC) has released a revised breakdown of the estimated price of petrol purchased from the Dangote refinery. The company confirmed that it is paying the refinery in US dollars for the September 2024 petrol offtake, with Naira transactions starting on October 1st, 2024. The estimated prices are based on negotiated terms between NNPC and Dangote Refinery, which acknowledge current international gasoline prices and foreign exchange rates in line with the Petroleum Industry Act (PIA) 2021. The company assures Nigerians that any discount from the refinery will be passed on to the general public.
The analysis of the transaction with Dangote Refinery was altered in the second statement. The first statement had a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of ₦8.99, while the second statement showed ₦4.495. The first statement had an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15. The second statement also included an additional Midstream and Gas Infrastructure Fund fee of ₦4.495.
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