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The Nigerian National Petroleum Company Limited (NNPC) has revealed that petrol prices will vary across different regions in Nigeria, effective immediately. According to a statement released on Monday by NNPC spokesperson, Olufemi Soneye, the prices will be determined by logistical costs incurred in each area.
In Lagos, petrol will be sold at N950 per liter, while in Abuja, Sokoto, Kano, and other areas, the price will be N999.22 per liter. However, in Borno, the price may reach as high as N1,019 per liter. In contrast, Oyo, Rivers, and other southern regions will enjoy a relatively lower price of N960 per liter.
This development marks a significant shift from the uniform petrol pricing system previously in place across the country. The NNPC attributed the change to the provisions of the Petroleum Industry Act, which allows for negotiated prices between parties at arm’s length.
The NNPC also clarified that it is currently purchasing petrol from Dangote Refinery in US dollars, with naira transactions set to commence on October 1, 2024. The company assured that any discounts received from Dangote Refinery would be passed on to the public.
However, Dangote Refinery disputed the NNPC’s claim of purchasing petrol at N898 per liter, describing it as misleading and mischievous. The refinery emphasized that its products were sold to NNPC in dollars at a substantial saving compared to current import prices.
The announcement adds complexity to the ongoing debate surrounding fuel prices in Nigeria, with concerns about potential price gouging and regional disparities. As the country navigates this new pricing system, consumers and stakeholders eagerly await further clarification and guidance from regulatory authorities.
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