Our reporter
The Nigeria National Petroleum Company Ltd (NNPCL) has stated that there is no guarantee of a reduction in petrol prices as the company begins lifting petrol from the Dangote Refinery on September 15.
This clarification comes amid speculation about the potential impact of domestic refining on fuel prices.
In a statement released on Saturday, September 7, by its spokesman, Olufemi Soneye, NNPCL stressed that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd, is determined by global market forces.
“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces,” Soneye stated.
This announcement follows rumours and concerns regarding NNPCL’s alleged attempts to monopolise the offtake of all products from the Dangote Refinery.
These concerns were raised after the Muslim Rights Concern (MURIC) issued a press release claiming that the recent changes in the pump price of Premium Motor Spirit (PMS) could hinder the Dangote Refinery from offering lower prices, and that NNPCL had positioned itself as the sole off-taker of all products from the refinery.
Addressing these claims, Soneye said, “The attention of the NNPC Ltd has been drawn to a press release by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the Nigerian National Petroleum Company Limited (NNPC Ltd).
Specifically, MURIC asserts that recent changes to the pump price of Premium Motor Spirit (PMS) will prevent the Dangote Refinery from offering lower prices and that NNPC Ltd. has become the sole off-taker of all products from the refinery.”
NNPCL’s statement underscores the impact of global market dynamics on fuel prices, even as the country prepares to commence domestic refining at the highly anticipated Dangote Refinery.
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