The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns about the much-celebrated Dangote Refinery, questioning whether the excitement is warranted given that its petrol may be more expensive than imported fuel.
John Kekeocha, IPMAN’s National Welfare Officer, voiced these concerns during an appearance on Channels Television’s The Morning Breakfast on Monday. He highlighted that it would make little sense for the Nigerian National Petroleum Company (NNPC) Limited to sell petrol sourced from Dangote Refinery at a higher price than imported alternatives. “If NNPC is selling Dangote products at a higher rate than imported fuel, then what is the point of all the celebration?” Kekeocha remarked.
This follows an announcement by NNPC Limited regarding the estimated prices of Premium Motor Spirit (PMS), commonly known as petrol, sourced from the Dangote Refinery. A press statement issued by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, on Monday, clarified that PMS prices would be negotiated directly between parties, as stipulated by the Petroleum Industry Act (PIA), rather than being government-controlled.
NNPC revealed on Sunday that it purchased fuel from the Dangote Refinery at N898 per litre. On Saturday, NNPC dispatched around 300 trucks to the refinery, which has a capacity of 650,000 barrels per day, with loading operations commencing the following day.
Olufemi Soneye also addressed reports claiming that NNPC purchased the fuel at N760 per litre, labeling them false and reaffirming the N898 per litre rate.
However, the Dangote Group has refuted NNPC’s statement, calling it “misleading and mischievous.” Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, criticized the NNPC for making what he described as an inaccurate claim.
The estimated pump prices for petrol from Dangote Refinery’s September 2024 PMS pricing have been outlined as follows: In Sokoto State, petrol will cost N999.22 per litre, while in Katsina State, supply challenges persist. Borno State will see prices at N1,019.22 per litre. The price in Kano, Kaduna, and the Federal Capital Territory (FCT) is set at N999.22, while Lagos will have it at N950.22, and Oyo State at N960.22. In Rivers and Imo states, petrol will be sold for N980.22 per litre.
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