The management of Dangote Group has strongly denied rumours that it has fixed the pump price of petrol at N600 per litre for sale to marketers across the country.
In a statement released on Tuesday, the group’s spokesperson, Anthony Chiejina, addressed the circulating reports, clarifying that the speculation reported by a national newspaper—that marketers expect the refinery to sell petrol at N600 per liter—is inaccurate and does not reflect the refinery’s position.
Chiejina emphasized that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not officially associated with the Dangote Refinery and, therefore, has no authority to speculate on the refinery’s pricing strategy.
He stated:
“Our attention has been drawn to headlines announcing ‘Marketers Project N600/litre for Dangote Petrol’ published in Punch Newspapers of Tuesday, August 13, 2024. We would like to clarify that Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner yet. We have never discussed the price of Premium Motor Spirit (PMS) with them, and they have no mandate or authority to speak for us, either for good or with hidden transcripts. We urge the public to desist from such speculative announcements. We have our official channels through which we make our views known to our stakeholders.”
Background
Earlier in the day, a media outlet reported that marketers were projecting that Dangote Refinery would sell its Premium Motor Spirit (PMS) at N600 per liter. According to the report, IPMAN had expressed confidence that the Dangote Refinery would help lower the petrol price, similar to its impact on diesel prices.
IPMAN’s leader, Hammed Fashola, mentioned that the association had discussed a potential partnership with some officials from the refinery and that marketers were awaiting a response from Dangote.
“The discussion continues. We are on course. I think very soon we will conclude the discussion. We are waiting,” he said.
What You Should Know
Dangote Refinery, located in Lagos State, Nigeria’s commercial hub, is expected to begin rolling out PMS (petrol) soon. The CEO of the $19 billion petrochemical plant, Aliko Dangote, projected that the refinery would start producing petrol between August 10 and 12, 2024.
While the refinery has yet to begin selling petroleum products, it is widely believed that it will help reduce Nigeria’s dependency on imported fuel and stimulate investment across the oil and gas value chain. The refinery is also expected to export some of its products to neighbouring African countries and the Caribbean.
