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BUSINESS

Fuel Scarcity: Why we cannot determine petrol price – Dangote

September 5, 2024 • 2 min read

September 05, 2024

By Adedoja Adesoji

Dangote Petroleum Refinery has given reasons the company could not determine its petrol price.

The Group Chief Branding and Communications Officer, Anthony Chiejina, in a statement on Thursday, noted that PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence the reason Dangote cannot determine, fix, or influence the product price.

He equally condemned the publication by an online media (not Vanguard), that Dangote group has fixed the price of its refined Premium Motor Spirit (PMS), commonly known as petrol at N897 per litre.

He stated that Nigerian National Petroleum Corporation, Limited, NNPCL, is yet to take their product.

Read the statement bellow: “Our attention has been drawn to a headline “NNPC lifts Dangote Petrol, sells at N897 per litre” published in a news media (Not Vanguard), on 4 September 2024.

“We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.

“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalize our contract with NNPC.

“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.

“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter.

“We are guaranteeing Nigerians of exceptionally high quality petroleum products that will be readily available all over the country”.