Dangote refinery refutes N600/litre petrol price speculation

The management of Dangote Petroleum Refinery has clarified that it has established the pricing for Premium Motor Spirit, PMS, commonly known as petrol, and dismissed speculations surrounding its future market price.

In a statement released on Tuesday, the Group’s Chief Branding and Communications Officer, Anthony Chiejina, responded to a report titled "Marketers Project N600/litre for Dangote Petrol," which was published by The PUNCH. 

The report had suggested that independent petroleum marketers in Nigeria were anticipating that the refinery would set the price of petrol between N600 and N650 per litre once it becomes available.

The Independent Petroleum Marketers Association of Nigeria, IPMAN had expressed hope that the Dangote refinery would reduce petrol prices, much like it did with diesel. 

IPMAN's National Vice President, Hammed Fashola, had stated in an interview that the $20 billion refinery could potentially lower fuel costs if it receives the necessary support, particularly regarding crude supply. 

He mentioned that the Nigerian National Petroleum Company Limited, NNPCL, the sole importer of petrol, currently sells to marketers at N570 per litre, while many IPMAN members are purchasing from private depot owners at N700 or more.

However, Dangote Refinery firmly denied any collaboration with IPMAN and rejected the notion that it had discussed petrol pricing with the association.

"Our attention has been drawn to headlines announcing ‘Marketers Project N600/litre for Dangote Petrol’ published in The PUNCH on Tuesday, August 13, 2024," Chiejina stated. 

"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."

The refinery urged the public to disregard such speculative reports. 

"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," Chiejina concluded.