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NNPC Acquired Fuel From Our Refinery at a Price 15% Lower Than Imported Fuel; They Misrepresented the Pump Price — Dangote.
By Chico Mies.
He stated that the price set by NNPC lacked transparency and was influenced by the elevated expenses incurred in importing fuels from abroad.
Aliko Dangote, the Chairman of Dangote Group, has alleged that the Nigerian National Petroleum Company Limited (NNPCL) has provided misleading information to the public regarding the prices of fuel sourced from his refinery located in Lagos State.
In a recent interview with Bloomberg, Dangote highlighted that the fuel acquired from his refinery on September 15th was priced 15% lower than the fuel imported by NNPCL.
He further remarked that the pricing established by NNPC lacked transparency and was influenced by the elevated expenses associated with importing fuels from abroad.
He stated that the current situation does not constitute a true disagreement. The Nigerian National Petroleum Company (NNPC) procured a specific quantity from them on September 15 at the international market rate. Additionally, they imported over 800,000 metric tons of gasoline. The price of the gasoline purchased from them is lower than that of the imported fuel. Consequently, when the price was announced, the individual involved, whose authorization is uncertain, did not reflect the actual price.
He further explained that this discrepancy likely impacted their costs, including profit margins, as they have not traditionally included profit in their pricing. Furthermore, the cost of their imports is estimated to be approximately 15% to 20% higher than the price they offer.
As a result, they were compelled to sell at a 'basket price' or to declare the removal of subsidies, which would be acceptable, as the public would adapt accordingly.
SaharaReporters previously reported on the Nigerian National Petroleum Company Limited's (NNPCL) modification of the pricing structure for petrol sourced from the Dangote refinery a few days ago.
A press release from the Chief Corporate Communications Officer, Olufemi Soneye, indicated the estimated pump prices for Premium Motor Spirit (PMS) from Dangote Refinery at retail locations across the nation, based on pricing from September 2024.
The company clarified that the PMS prices were negotiated directly between the involved parties and were not determined by the government, in accordance with the Petroleum Industry Act (PIA).
The estimated pump prices for petrol, based on the September 2024 pricing from Dangote Refinery, are as follows:
In Sokoto State, the price is set at N999.22, while Katsina State is experiencing supply issues. In Borno State, the price is N1,019.22 per litre. In Sokoto, Kano, Kaduna, and the Federal Capital Territory, the price is N999.22, whereas it is N950.22 in LA.
Soneye highlighted that the prices of PMS are not determined by the government but are instead negotiated directly between the involved parties on an arm's length basis, as outlined in PIA Section 206 (1).
Nevertheless, in an alternative statement issued by the company, SaharaReporters noted that the components contributing to the pump price of locally refined petrol have been modified.
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