Dangote Refinery Debunks Allegation Of High Petrol Price

Dangote Refinery has described the allegation of selling Premium Motor Spirit, PMS, also known as petrol, at N1,015 and N1,028/litre, as fake news.

Naijaonpoint recalled that Oil marketers had on Friday said the price of petrol produced by the Dangote Petroleum Refinery stood between N1, 015 and N1, 028/litre, stressing it would be reasonable to import the product from the international market as the landing cost stood at N978.01/litre as of October 31, 2024.

Marketers expressed plans to import petrol and sell it below Dangote’s refinery prices as well as those of the Nigerian National Petroleum Company Limited (NNPCL).

Data from the Major Oil Marketers Association of Nigeria revealed that as of October 31, 2024, the landing cost of petrol stood at N978.01 per litre. Diesel and aviation fuel had landing costs of N1,069.97 and N1,119.67 per litre, respectively. Landing costs represent the unit prices of imported fuels upon arrival in Nigeria.

Despite requests for transparency, Dangote Refinery has not publicly disclosed its petrol prices. However, an anonymous source among major marketers confirmed to The PUNCH that Dangote sells bulk purchases at N1,015 per litre and smaller quantities at N1,028.

Additionally, recent cargoes with petroleum products have been unloaded at Nigerian seaports. The source noted that imported PMS remains cheaper than Dangote’s price, alleging efforts by Dangote to discourage government-permitted fuel imports.

In response, the Chief Corporate Communications Officer of Dangote Group, Tony Chiejina, dismissed the allegation, noting it is ‘fake news’.