The Management of the Dangote Group has come out to clarify media reports that the NNPC has begun off taking petrol from its refinery at N897 per liter stating that it cannot fix, influence petrol prices in the country since it is responsibility of the relevant regulatory agencies.
In a statement signed by its Chief Branding and Communications Officer, Anthony Chiejina, the Group urged the public to disregard reports that the NNPC has begun lifting and that it is yet to finalise contract with the NNPC on pricing of petrol.
The statement reads, “Our attention has been drawn to a headline “NNPC lifts Dangote Petrol, sells at N897 per litre” published in the BusinessDay Newspapers of Wednesday, 4 September 2024. We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.”
“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPC.”
“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.”
“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter.”
The company further assured Nigerians that petrol from its refinery will be available in all parts of the country.
What you should know
After numerous delays and missed deadlines, the 650-thousand-barrel capacity refinery finally began refining of petrol on Monday after the Chairman of the Dangote group, presented samples of the product to the public.
However, media reports stated that the NNPC will be the sole buyer of petroleum products from the refinery and sell to other marketers across the country. This is as stated by the Vice President of the Dangote Industries Limited, Devakumar Edwin.
The issue of pricing has been a controversy in the Nigerian oil industry ever since the removal of fuel subsidy by President Tinubu. While the official position of government has been there is no subsidy, reports by players in the industry states otherwise.
It is projected that the landing cost of petrol to Nigeria stands at N1,200 while the pump price at NNPC retail stations is placed at N897 per litre.
Last month, President Tinubu had approved the sale of crude oil to Dangote refinery in Naira contrary to how the commodity is traded in the international market.
