The Nigerian National Petroleum Company Limited (NNPC) has released a revised breakdown of the estimated price of petrol purchased from the Dangote Refinery, a major development in the country’s oil sector. According to the latest statement, the NNPC will pay the Dangote Refinery in US dollars for the September 2024 petrol offtake, with naira transactions set to commence on October 1st, 2024.
The revised breakdown shows a significant change from the initial statement released by the NNPC earlier on Monday. While the estimated prices to be sold across the country remain the same, the analysis of the transaction with Dangote Refinery has undergone some alterations. Specifically, the Nigerian Midstream and Downstream Petroleum Regulatory Authority fee has been reduced from ₦8.99 to ₦4.495
In addition, the inspection fee of ₦0.97 and margin fee of ₦26.48 have been removed from the revised breakdown. The distribution fee has been increased to ₦42.45, while an additional fee for the Midstream and Gas Infrastructure Fund has been added, amounting to ₦4.495.
The NNPC has assured Nigerians that any discounts obtained from Dangote Refinery will be passed on to the general public in full. This development is significant as it highlights the efforts of the government to ensure transparency and fairness in the oil sector.
It is worth noting that the revised breakdown does not alter the overall price of petrol to be sold across the country. The NNPC’s decision to pay Dangote Refinery in US dollars and transition to naira transactions later this year is expected to have a positive impact on the country’s economy.
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