Dangote sets petrol price at ₦990 per litre
Dangote Refinery has addressed claims that imported premium motor spirit (PMS) is cheaper than its own, stating that its product is priced lower than imported alternatives.
This response comes after some marketers suggested that imported PMS is more affordable than the fuel supplied by Dangote Refinery.
The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has asserted that purchasing fuel from Dangote is more expensive. Yakubu Suleiman, IPMAN’s national assistant secretary, made this statement during a television interview over the weekend. He stated, “If Dangote has a product selling for ₦1,000, for example, and another source is selling for ₦900, we cannot instruct our members to buy from Dangote just to maintain our relationship. We must prioritize where we can make a profit.”
In response, Dangote Refinery, through its Group Chief Branding and Communications Officer, Anthony Chiejina, called IPMAN’s claims “misinformation.” The refinery clarified that it started selling at ₦960 per litre for ships and maintains a price of ₦990 for trucks. Chiejina emphasized that the refinery’s prices are benchmarked against international rates, asserting, “We believe our prices are competitive compared to the price of imports.”
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The statement said: “If anyone claims they can import premium motor spirit (PMS) at a price cheaper than ours, they are likely importing substandard products and colluding with international traders to dump low-quality goods into the country, disregarding the health of Nigerians and the longevity of their vehicles.
“Unfortunately, the regulator (NMDPRA) lacks laboratory facilities capable of detecting substandard products upon importation.
“Following deregulation, NNPC set the benchmark by selling PMS to domestic marketers at ₦971 per litre for ships and ₦990 for trucks. We have gone even lower, offering prices of ₦960 per litre for ships while maintaining ₦990 per litre for trucks.
“In good faith, and for the benefit of the country, we initiated sales at these prices without clear guidance on the exchange rate we would use to purchase crude oil.”
“At the same time, an international trading company has recently leased a depot facility adjacent to the Dangote Refinery, aiming to blend substandard products for sale in the market to compete with Dangote’s higher-quality output.
“This poses a serious threat to the growth of domestic refining in Nigeria. It is important to note that it is uncommon for countries to neglect the protection of their domestic industries, which are vital for job creation and economic growth.
“For instance, the US and Europe have imposed high tariffs on electric vehicles and microchips to safeguard their domestic sectors.
“While we remain committed to providing affordable, high-quality domestically refined petroleum products in Nigeria, we urge the public to disregard the deliberate misinformation being spread by those who prefer us to continue exporting jobs and importing poverty.”
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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