On September 4, 2024, BusinessDay Newspapers published a headline stating, “NNPC lifts Dangote Petrol, sells at N897 per litre.” This headline has prompted significant speculation and concern regarding the pricing of petrol in Nigeria. In response, Dangote Petroleum Refinery has issued a press release to clarify the situation and address the misinformation circulating within the industry.
Dangote Petroleum Refinery categorically states that the Nigerian National Petroleum Corporation (NNPC) has not yet commenced the lifting of Premium Motor Spirit (PMS), commonly known as petrol, from its facilities. Contrary to the headline, there has been no initiation of petrol distribution from our refinery, and as such, any discussion about the pricing of petrol sourced from Dangote Petroleum Refinery is premature and unfounded.
The issue of petrol pricing is a complex one, governed by a stringent regulatory framework. The Nigerian petroleum market is heavily regulated, and the responsibility for determining fuel prices lies with relevant government authorities, specifically the Federal Executive Council (FEC). Dangote Petroleum Refinery does not possess the authority to set or influence retail prices, as these decisions fall under the jurisdiction of the Federal Government.
Mr. Aliko Dangote, the Chairman of Dangote Petroleum Refinery, has previously emphasized that the determination of petrol pricing will be conducted by the Federal Executive Council. According to his statements, once the pricing strategy is finalized, petrol will be available in the market within 48 hours. This approach ensures that pricing reflects broader economic factors and regulatory guidelines, rather than being influenced by any single entity.
The speculation surrounding petrol prices has generated considerable confusion and anxiety among stakeholders and the general public. Dangote Petroleum Refinery urges all parties to disregard misleading reports and rely on verified information. As of the current date, no contracts have been finalized with NNPC regarding the supply of petrol, and thus, any assertions about pricing or availability are not based on actual developments.
To address public concerns, Dangote Petroleum Refinery reaffirms its commitment to delivering high-quality petroleum products throughout Nigeria. The refinery is working diligently to finalize all necessary agreements to ensure a smooth and efficient supply chain. The company remains dedicated to transparency and will provide accurate updates as soon as concrete details emerge regarding pricing and distribution.
