Dangote Speaks on fixing petrol price at N600/Litre After IPMAN Statement
Dangote Limited has denied fixing the expected price of petrol from its refinery based in Lagos State at N600 per litre.
The organization made the denial in a statement issued on Tuesday night by its Group Chief Branding and Communications Officer, Anthony Chiejina.
The denial follows an earlier submission by the Independent Petroleum Marketers in Nigeria, who are anticipating that petrol from the Dangote Petroleum Refinery will be sold at a price of N600 to N650 per litre once it is released to the market.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) believes that the Dangote refinery, like it did with diesel, will help reduce the cost of petrol, provided it receives adequate support, particularly in securing crude oil supplies.
However, in reaction to the anticipated price, Dangote said it has not fixed any price for petrol from its refinery, and IPMAN is not a business partner of the organization yet.
The statement added that Dangote has not discussed the price of petrol with the marketers, and they have no authorization to speak on behalf of the organization.
It therefore urged Nigerians and the members of the public to disregard the speculative prices and await official communication from the company at the right time.
Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited has revealed the real reason behind its decision to reduce its stake in the Dangote refinery from 20% to 7.2%.
This development comes after the NNPC had, in September 2021, acquired a 20 percent interest in Dangote refinery for $2.76 billion.
However, on July 14, 2024, the owner of the refinery and Africa’s richest man, Aliko Dangote, disclosed during a press conference that the NNPCL no longer owns a 20% stake in Dangote Refinery.
Speaking about the development, the spokesperson of the NNPC, Femi Soneye, said the decision of the national oil company to reduce its stake in Dangote Refinery is to invest in compressed natural gas (CNG).
According to Daily Trust reports, Soneye made the disclosure on Monday during a Brekete Family programme.
He added that the NNPCL has no issue with Dangote refinery and that the NNPC was not collaborating with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sabotage the refinery.
Soneye, however, called on Nigerians to switch to the use of CNG as it is a cheaper alternative.
