Jonathan Nwokpor
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Claims that it is weakening the Dangote Refinery have been refuted by the Nigerian National Petroleum Company Limited (NNPC Ltd), which maintains that the market is open to reduce pricing from any domestic refinery.
This follows the Muslim Rights Concern (MURIC) alleging that the Dangote Refinery will be unable to give reduced rates as a result of the most recent adjustments made to the Premium Motor Spirit (PMS) pump price.
The group’s executive director, Professor Ishaq Akintola, issued a statement in which MURIC pleaded with the Nigerian government to allow the refinery to function freely and shield it from strangulation.
Moreover, MURIC charged that NNPCL had taken over as the refinery’s exclusive customer for all of its product.
The Dangote Refinery’s and all refineries’ petroleum product prices, according to NNPCL’s Chief Corporate Communications Officer Olufemi Soneye, are set by forces of the world market.
NNPCL asserted that it could not jeopardize a company in which it owns a billion-dollar investment. It further stated that MURIC ought to have checked the facts before making any remarks that would stir common Nigerians against the group.
“To set the records straight, NNPC Ltd. wishes to further state as follows:
“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
“Furthermore, we emphasize that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL. The NNPC Ltd. will only fully offtake PMS from the DRL if the market prices of PMS are higher than the pump prices in Nigeria. The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.
“The NNPC Ltd. cannot undermine a business in which it holds a billion-dollar stake,” the statement partly read.
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