Dangote Refinery says it will sell its petrol to marketers at N990 per litre, ending months of speculations over the actual price of its product.
This is coming after months of horse trading between the refinery and the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers over the actual prices of the company’s petrol.
The company revealed this in a statement by its spokesperson Anthony Chiejina on Sunday.
He said the company has pegged N990 per litre for sale into trucks and N960 per litre for sale into ships.
Mr Chijiena said the company benchmarks its prices against international prices.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have earlier said they have been importing the products at cheaper rates compared to that of Dangote.
However, the refinery said it is only substandard products that can be imported at cheaper rates than its N990 per litre rate.
The statement reads: “Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports.
“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low-quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles. Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, to use it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.
This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips to protect their domestic industries.
“While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.”
