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NEWS

NNPC, Dangote Refinery clash over petrol pricing

September 16, 2024 • 3 min read

September 16, 2024

By Samuel Ogunsona

A war of words has erupted between the Nigerian National Petroleum Company (NNPC) Ltd and Dangote Refinery over the pricing of Premium Motor Spirit (PMS), also known as petrol.

The dispute comes as NNPC prepares to switch to Naira transactions with Dangote Refinery on October 1st, 2024.

In a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, on Sunday, September 15, 2024, confirmed to newsmen that Dangote Refinery sells PMS at N898 per litre to the NNPCL.

He said, “We successfully loaded PMS today (Sunday) at the Dangote refinery.

“The report stating that we (NNPC) purchased it at N1,300/litre is false. For this initial loading, the price was N898/litre. I can also confirm that we will receive 16.8 million litres. As of now, we have loaded over 70 trucks.”

The statements has caused a bitter dispute between the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery over the pricing of Premium Motor Spirit (PMS).

However, Dangote Refinery swiftly responded, dismissing NNPC’s statement as “misleading and mischievous”.

Dangote Refinery countered, claiming that the current stock of crude was procured in dollars, with significant savings.

The refinery urged Nigerians to disregard NNPC’s announcement, promising quality petroleum products and an end to fuel scarcity.

The dispute comes as NNPC prepares to switch to Naira transactions with Dangote Refinery on October 1st, 2024.

Industry experts say the outcome of this pricing dispute will have far-reaching implications for fuel prices and availability across the country.

As the standoff continues, Nigerians are left wondering who to believe. One thing is certain – only time will tell who will blink first in this high-stakes game of petrol price poker.

The estimated pump prices of PMS from Dangote Refinery at NNPC Retail Stations across the country are attached to the NNPC’s statement.

The statement read, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell 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.

“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”

According to the statement released, a formal announcement on the pricing is expected from the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by President Bola Ahmed Tinubu, on October 1st, 2024.

The outcome of this pricing dispute will impact fuel prices and availability across the country.