The Nigerian Presidency has clarified that the Dangote Refinery will not sell its refined products, including Premium Motor Spirit (PMS), below the official market price.
Aliko Dangote, Chairman of the Dangote Group, announced the commencement of petroleum production at the refinery, marking a significant achievement in Nigeria’s energy sector. The refinery’s pricing strategy will be established through collaboration between the Federal Executive Council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited, emphasizing regulatory oversight and NNPC’s expertise.
This follows reports of a fuel price surge across Nigeria, with filling stations operated by the NNPC raising prices from N568 to N855 per litre. While this price increase reflects directives from NNPC management, Bloomberg reported that starting next month, Dangote Refinery will have the freedom to set its own fuel prices for petroleum marketers.
Temitope Ajayi, Senior Special Assistant to President Bola Tinubu on Media and Publicity, confirmed that the Dangote Refinery, as a private business, will not sell its products below market value. Ajayi also stressed the role of the petroleum regulator in ensuring fair pricing and maintaining product quality, ensuring that the business does not exploit citizens.