The management of Dangote Petroleum Refinery has clarified that it has not yet determined the price of Premium Motor Spirit (PMS), commonly known as petrol, amidst growing speculations.
This clarification comes in response to a recent report suggesting that independent petroleum marketers in Nigeria expect the refinery to sell petrol at N600 to N650 per liter once it becomes available on the market.
Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, issued a statement on Tuesday to address the report, which had the headline “Marketers Project N600/litre for Dangote Petrol.”
The report highlighted the expectations of independent petroleum marketers who believe that the Dangote refinery will significantly reduce the price of petrol, similar to its impact on diesel prices.
In an interview published on Monday, Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism that the $20 billion Dangote refinery would help lower fuel costs if it receives adequate support, particularly in terms of crude oil supply.
He pointed out that the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petrol, currently sells to marketers at N570 per liter. However, many IPMAN members purchase from private depot owners at prices exceeding N700 per liter.
Despite these speculations, Dangote Refinery has firmly stated that it has no business relationship with IPMAN and has never discussed petrol pricing with the association. The refinery management urged Nigerians and the general public to disregard such speculative reports.
The statement from Dangote Refinery read: “Our attention has been drawn to headlines announcing ‘Marketers Project N600/litre for Dangote Petrol’ published in Punch Newspapers on Tuesday, August 13, 2024. We would like to clarify that the Independent Petroleum Marketers Association of Nigeria is not our business partner yet. We have never discussed the price of Premium Motor Spirit with them, and they have no mandate or authority to speak for us, either for good or with the hidden transcript. We urge the public to desist from such speculative announcements. We have our official channels through which we make our views known to our stakeholders.”
