In a recent turn of events, the Dangote Refinery has firmly refuted the allegations made by the Nigerian National Petroleum Company Limited (NNPCL) that it has been selling petrol at a price of N898 per litre. The refinery clarified that all transactions with NNPCL were conducted in dollars, not in naira, as initially claimed by NNPCL representatives.
The controversy arose when Olufemi Soneye, a spokesperson for NNPCL, made statements suggesting that Dangote Refinery was selling Premium Motor Spirit (PMS) at N898 per litre. These statements caused a stir in the oil industry and among the general public, raising questions about the pricing of petrol from the refinery. In response, Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Refinery, issued a statement to address and dismiss these claims.
Chiejina described the remarks attributed to Soneye as misleading and a deliberate attempt to undermine the significant progress made by the Dangote Refinery in addressing Nigeria’s long-standing energy shortages. He stressed that the statements were not only false but also aimed at discrediting the refinery’s ongoing efforts to ensure a stable supply of petroleum products across the country.
“We urge Nigerians to disregard this malicious statement,” Chiejina said, urging the public to await the official pricing to be announced by the Technical Sub-Committee on Naira-based crude sales to local refineries. This committee, appointed by President Bola Ahmed Tinubu, is set to begin its operations on October 1, 2024, and will provide the formal and accurate pricing structure for fuel sold by the refinery.
Chiejina further clarified that the current stock of crude oil processed by the refinery was purchased in dollars. Consequently, the sales of the refined petrol to NNPCL were conducted in the same currency. This approach aligns with international trade practices and has resulted in considerable savings for the Nigerian economy when compared to the previous reliance on imported fuel. By utilizing a dollar-based transaction system, the Dangote Refinery ensures the stability of its pricing and helps to mitigate the impacts of fluctuating exchange rates.
Additionally, this strategy has significant implications for the nationwide distribution of petrol. By ensuring cost savings in the procurement and sale of fuel, the refinery can facilitate the availability of petrol across all local government areas, including the most remote regions of Nigeria. This development aims to address the issue of fuel scarcity that has plagued the country for years, providing a more reliable and consistent supply chain for petrol distribution.
Chiejina reaffirmed the Dangote Refinery’s commitment to providing high-quality petroleum products to Nigerians, emphasizing that the refinery’s primary goal is to alleviate the chronic fuel scarcity in the country. The refinery’s statement serves as a reassurance to the public and a call for patience as the Technical Sub-Committee finalizes the official pricing framework.
The Dangote Refinery, a significant player in Nigeria’s oil and gas sector, has been at the forefront of efforts to reduce the country’s dependence on imported petroleum products. Its recent activities have been closely monitored by industry stakeholders and the general public, given its potential to significantly alter the dynamics of Nigeria’s energy sector.
The dispute over the pricing of petrol underscores the complexities involved in the oil and gas industry, particularly in a country like Nigeria, where the sector is a critical component of the economy. The resolution of this controversy will be keenly watched, as it holds implications for market regulation, consumer pricing, and the overall stability of the fuel supply in Nigeria.
In conclusion, the Dangote Refinery’s rebuttal of NNPCL’s claims highlights the refinery’s dedication to transparency and accuracy in its dealings. It also underscores the need for clear communication between major stakeholders in the oil and gas sector to ensure that the public is correctly informed about crucial issues affecting the nation’s energy security. As the nation awaits the formal pricing announcement from the appointed Technical Sub-Committee, the focus remains on the refinery’s role in transforming Nigeria’s petroleum landscape and its commitment to ending the era of fuel scarcity in the country.
