Dangote refutes NNPC's statement on refinery petrol price
Dangote refinery has described as "misleading and mischievous," the statement by state oil firm NNPC Ltd that it is buying petrol from the refinery at N898 per litre.
The spokesperson for Dangote, Anthony Chiejina, said the NNPC's statement is "aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years."
PREMIUM TIMES reported that the NNPC, earlier on Sunday, said it bought petrol from Dangote refinery at N898.
NNPC, as the sole buyer, commenced the loading of petrol from the refinery on Sunday.
In his response, Mr Chiejina said a committee set up by President Bola Tinubu is yet to resolve the price of petrol from the refinery.
In July, the Federal Executive Council directed NNPC Ltd to engage the Dangote refinery and other local refineries to resolve the dispute over the sale of crude oil to them.
The FEC, presided over by President Bola Tinubu, also directed that such crude oil sales to the refineries be made in naira and that the refineries located in Nigeria should also sell their refined products to the Nigerian market in naira.
Earlier in September, Devakumar Edwin, vice president at Dangote Industries Limited, said the 650,000 barrels per day Dangote Refinery has begun the processing of petrol.
Mr Edwin explained that the NNPC Limited would buy its product exclusively.
On Friday, the Nigerian government announced that loading of petrol from Dangote Refinery will begin on Sunday.
The government said petrol from the Dangote refinery will only be sold to NNPC Ltd which will then sell to various marketers in the short term.
On Saturday the state-owned oil company said it had deployed over 100 trucks as of Saturday afternoon. Confirming the development, Mr Soneye said by the end of Saturday, at least 300 trucks will be stationed at the refinery's fuel loading gantry.
On Sunday, the NNPC released videos showing its trucks loading petrol from the refinery.
The refinery is expected to significantly boost Nigeria's fuel supply stability.
Experts have said that the commencement of operations at Dangote Refinery will not lead to a significant drop in petrol prices in Nigeria.
The experts, who spoke to PREMIUM TIMES in an interview on Thursday, said the refinery's operations will lead to a more stable and predictable supply of petroleum products, reducing the volatility in prices caused by importation and supply chain disruptions.
However, they cautioned Nigerians against expecting a sudden and drastic drop in pump prices.
Read the full statement by Mr Chiejina below.
*DANGOTE REFINERY VS NNPCL*
*STATEMENT BY DANGOTE REFINERY*
Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sold our PMS at N898 per litre to the NNPCL.
This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.
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We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.
It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.
We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.
*Anthony Chiejina*
Group Chief Branding and Communications Officer
15th September, 2024
