Breaking News:Dangote Refinery Denies Selling Petrol Above N1,000 Per Litre, Rejects Price Claims as False
In a swift response to pricing allegations, Dangote Refinery has refuted claims that its Premium Motor Spirit (PMS), or petrol, sells for as high as N1,015 to N1,028 per litre. On Saturday, the company dismissed these reports as “false” through a statement on its official X (formerly Twitter) handle, countering statements from oil marketers who had alleged the high pricing.
On Friday, several oil marketers had reported that petrol from Dangote’s refinery was priced significantly higher than imported alternatives, making it more practical to source the product internationally. The Major Oil Marketers Association of Nigeria indicated that as of October 31, 2024, the landing cost of imported petrol stood at N978.01 per litre, suggesting a potential price advantage for imported fuel over locally refined options.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) weighed in on the debate, with its National Assistant Secretary, Yakubu Suleiman, confirming that IPMAN members would prioritize sourcing fuel where prices are lower and profit margins better. Speaking on Arise Television’s Morning Show, Suleiman added that marketers “have to pity Nigerians” amid rising fuel costs and seek the most affordable solutions for consumers.
The conflicting statements between Dangote Refinery and the oil marketers highlight ongoing pricing tensions in the Nigerian fuel market as stakeholders look to balance profit with affordability.