Why we can’t determine, influence fuel price — Dangote

Dangote Petroleum Refinery has explained why it cannot determine and influence fuel prices.

Anthony Chiejina, the Group’s Chief Branding, and Communications Officer, issued a statement on Thursday explaining that the government regulates the pricing of Premium Motor Spirit (PMS), commonly known as petrol, preventing Dangote from setting or influencing the price.

Chiejina condemned an online media report that inaccurately claimed Dangote had set the price of its refined petrol at N897 per litre.

He emphasised that the Nigerian National Petroleum Corporation Limited (NNPCL) has not yet begun lifting petrol from the Dangote refinery.

The statement read:

“Our attention has been drawn to a headline, ‘NNPC Lifts Dangote Petrol, Sells at N897 per Litre,’ published on 4 September 2024.

We wish to clarify that NNPC has not commenced the lifting of refined Premium Motor Spirit (PMS) from our refinery. Consequently, the question of setting a price for petrol from our refinery does not arise as our contract with NNPC remains incomplete.

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“The PMS market is strictly regulated, a fact well known to all oil marketers and sector stakeholders. Therefore, we do not have the authority to determine or influence the price, which is under the jurisdiction of relevant government authorities.

“We urge the public to disregard the misleading headline, which does not reflect the actual situation. We assure Nigerians of high-quality petroleum products that will be available across the country.”