No guarantee of lower fuel prices from Dangote refinery, says NNPCL

The Nigeria National Petroleum Company Ltd (NNPCL) on Saturday said there is no guarantee of lower price as it is set to begin lifting petrol from the Dangote refinery.

NNPCL would reportedly commence lifting petrol from the refinery on September 15.

In a statement by its spokesman, Olufemi Soneye, the company said the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd, is determined by global market forces.

Soneye, NNPCL’s Chief Corporate Communications Officer, said that there is no guarantee of lower prices associated with domestic refining of the products in the country.

“The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces,” he said.

Soneye’s response comes amid rumours that the company is attempting to monopolise the offtake of all products from the Dangote Refinery Ltd.

“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 offtaker of all products from the refinery,” he stated.