The Nigerian National Petroleum Corporation Limited (NNPCL) has begun lifting Premium Motor Spirit (PMS) from the Dangote Refinery in Lekki, Lagos, starting on Sunday, September 15, 2024. This development has generated excitement among Nigerians, as a potential decrease in petrol prices at filling stations is anticipated.
Industry insiders have revealed that the Dangote refinery will supply petrol to the NNPC at a price of N766 per litre, made possible by the deal between NNPC and Dangote in which crude oil is supplied to the refinery in naira. While the final retail price will be influenced by additional costs, such as transportation and levies, marketers expect to sell petrol at prices ranging from N790 per litre in Lagos to N820 per litre in more distant regions.
This move marks a significant step towards reducing Nigeria’s dependence on imported petroleum products and positively impacting the country’s economy. As operations at the Dangote refinery continue to ramp up, Nigerians can look forward to increased domestic fuel production and more stable prices at the pump.
