In a fiery response, the Dangote Refinery has dismissed as “misleading and mischievous” a statement made by the Nigerian National Petroleum Company Limited (NNPC) regarding the purchase price of petrol. NNPC claimed it bought petrol from the refinery at N898 per litre, a statement Dangote strongly refutes.
Anthony Chiejina, spokesperson for Dangote, criticized NNPC’s statement, labeling it as an attempt to undermine the refinery’s milestone achievement. He emphasized that this breakthrough, recorded on September 15, 2024, marks a significant step toward resolving Nigeria’s long-standing energy shortages and insecurity that have plagued the country for over five decades.
Earlier, NNPC announced that it had begun loading petrol from the Dangote Refinery on Sunday, with over 300 trucks stationed for fuel distribution. NNPC remains the sole buyer of petrol from the refinery, but Chiejina countered, stating that the official pricing of the product is still under review by a presidential committee set up by President Bola Tinubu. This committee is tasked with determining the naira-based price of crude oil sales to local refineries, a decision expected by October 1, 2024.
Chiejina clarified that the refinery’s crude stock was initially procured in dollars and that the current sales to NNPC are also in dollars, leading to significant savings compared to imported alternatives. He urged Nigerians to disregard the “malicious” statement from NNPC, assuring the public that the Dangote Refinery’s operations will contribute to a steady supply of petrol across the country, even in remote regions.
While industry experts agree that the Dangote Refinery’s operations will enhance supply chain stability and reduce the volatility caused by importation, they caution against expecting an immediate drop in petrol prices. The long-term effects, however, promise a more predictable and consistent fuel market for Nigeria.
