Dangote Refinery Expose How NNPC Lied To Nigerians About Pump Price, Reveals Actual Price
Aliko Dangote,
Chairman of Dangote Group, has publicly accused the Nigerian National Petroleum Company Limited (NNPCL) of misleading the public regarding the pricing….
Dangote revealed that the price of fuel sold to NNPCL was approximately 15% lower than the cost of imported fuel. Dangote asserted that NNPCL’s pricing was opaque, attributing the high costs to the expenses incurred from importing fuel. “What is going on is not really a disagreement per se. NNPC bought from us on September 15 at the international price, and it was cheaper than their imported fuel,” he stated.
He further explained that NNPCL’s announced pricing failed to reflect actual costs, suggesting that the discrepancies stemmed from their reliance on expensive imported gasoline, which is often 15% to 20% more costly than that from his refinery. “They might have to adjust prices to reflect true costs, or remove subsidies altogether,” he noted.
In a statement released by the company’s Chief Corporate Communications Officer, Olufemi Soneye, it was clarified that pump prices were negotiated between the refinery and NNPCL, rather than being government-determined, in accordance with the Petroleum Industry Act (PIA).
Current estimated prices for Premium Motor Spirit (PMS) vary across states, with figures ranging from N950.22 in Lagos to N1,019.22 in Borno State.
Dangote has also advocated for an end to fuel subsidies in Nigeria, emphasizing the need for accurate data on petrol consumption to ensure fair pricing and transparency in the market.
