The Nigerian National Petroleum Company Ltd (NNPCL) has clarified that Dangote Refinery and other domestic refiners have the autonomy to sell their products directly to any marketer, based on mutual agreement.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
This trails allegations made by the Muslim Rights Concern (MURIC) that NNPCL intentionally increased petrol prices to hinder Dangote Refinery’s efforts to make petroleum products more affordable in Nigeria.
Thank you for reading this post, don't forget to subscribe!MURIC’s Executive Director, Professor Ishaq Akintola, also urged NNPCL to refrain from interfering with Dangote Refinery’s operations, allowing the company to function independently.
In a statement issued by Mr. Olufemi Soneye, Chief Corporate Communications Officer at NNPCL while dismissing MURIC’s allegations on Saturday said that the claim were “entirely flawed” and potentially inflammatory.
Soneye emphasized that NNPCL is not the sole entity purchasing refined products, and the market remains open to competition, allowing domestic refineries to offer lower prices if they choose to do so.
He implied that MURIC’s statements could mislead the public and incite unnecessary opposition against NNPCL. By clarifying the market dynamics, Soneye aimed to set the record straight and promote a more accurate understanding of the situation.
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“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.
“In fact, if current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market,” he explained.
He emphasised that “there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by the DRL.”
He said: “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. NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment, and therefore, the notion of becoming a sole offtaker does not arise.”
He also declared that “The NNPC Ltd cannot undermine a business in which it holds a billion-dollar stake.
“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”…..For More READ THE FULL ARTICLE HERE ▶▶
