Dangote Petroleum Refinery has explained why it cannot set its own petrol prices.
Anthony Chiejina, the Group Chief Branding and Communications Officer, stated on Thursday that the PMS market is tightly regulated, a fact known to all oil marketers and industry stakeholders.
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This regulation prevents Dangote from determining, fixing, or influencing the price of the product.
Chiejina also criticized an online media report that claimed Dangote Group had set the price of its refined Premium Motor Spirit (PMS), commonly known as petrol, at N897 per liter.
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He clarified that the Nigerian National Petroleum Corporation Limited (NNPCL) has not yet begun lifting the product.
Full Statement
“Our attention has been drawn to a headline “NNPC lifts Dangote Petrol, sells at N897 per litre” published in a news media (Not Vanguard), on 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.
“We are guaranteeing Nigerians of exceptionally high quality petroleum products that will be readily available all over the country”.
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