The Nigerian Presidency has stated that Dangote Refinery will not sell its products, including Premium Motor Spirit (PMS), at prices below the official market rate.
On Tuesday, Aliko Dangote, Chairman of the Dangote Group, officially announced the start of petroleum production at his much-anticipated refinery, marking a significant milestone in Nigeria’s energy sector.
Mr. Dangote stated that the pricing for refined petroleum products will be set through a joint effort between the Federal Executive Council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited.
This decision highlights the government’s regulatory role and the NNPC’s industry expertise.
In a related report, SaharaReporters previously noted that Nigerian National Petroleum Company (NNPC) Limited filling stations across the country had significantly raised fuel prices, with rates exceeding N850 per litre.
SaharaReporters’ investigation found that this price hike followed an NNPC management directive, which required an immediate adjustment of the official fuel price from N568 to N855 per litre.
This directive carries significant implications for both consumers and the national economy.
However, a Bloomberg report on Thursday revealed that the Nigerian government would permit Dangote Refinery to set its own prices.
“Nigeria will allow Dangote to set the price of gasoline to petroleum marketers starting next month,” top government sources were quoted by Bloomberg.
“Going forward, petrol marketers will be allowed to buy products directly from the Dangote Refinery,” the sources added.
Commenting, the senior special assistant (SSA) to President Bola Tinubu on Media and Publicity, Temitope Ajayi also said, “Dangote Refinery will certainly not sell their products below market value as a business that was set up to make a profit.
“I don’t see how NNPC or the federal government will control the price for a private business.”
“The role of the petroleum industry regulator will be to ensure products quality and fair pricing so that the business doesn’t take undue advantage of the citizens or rip them off,” he added.
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