Dangote to Set Own Petrol Prices as NNPC Gives Date to Begin Product Lifting from Refinery
- The Nigerian government may allow the Dangote Refinery to set its pricing starting in October
- A report said that the Nigerian government will not interfere in the pricing of a private business but provide a fairground to operate
- The development comes amid a report that the NNPC is waiting for September 15 to start product lifting from Dangote refinery
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
There are signs that the Nigerian government is considering granting the Dangote Refinery the autonomy to set petrol prices.
According to a Bloomberg report on Thursday, September 5, 2024, the Nigerian government is considering letting the facility set the price at which it sells petrol to Nigerians.
Source: UGC
Dangote to release price list in October
The report quoted sources as saying that Nigeria will allow Dangote to set petrol prices for marketers starting October, the same month the Nigerian government will sell crude oil to domestic refineries in the local currency.
The Bloomberg report quoted Temitope Ajayi, senior special assistant to President Tinubu on Media and Publicity, saying that the $19 billion refinery would not sell the product below the market price.
He disclosed that the NNPC and the Nigerian government will not control the price of a private business.
He said the role of petroleum industry regulators is to ensure product quality and fair pricing so businesses don’t take unnecessary advantage of the public.
Dangote denies fixing prices
The report comes amid a statement by the Dangote Petroleum Refinery that the NNPC has begun lifting products from the facility.
The statement, signed by Anthony Chiejine, the company’s spokesman, disclosed that the national oil firm has commenced product lifting, let alone fixing prices as reported in the media.
The company said that the petroleum industry is heavily regulated and that discussions are ongoing with relevant authorities to set the correct pricing for the refinery product.
Also, NNPC’s vice president of Downstream, Dapo Segun, disclosed that the NNPC is waiting for the September 15 date set by the refinery to begin product lifting.
NNPCL increases petrol price by 37%
Legit.ng earlier reported that the Nigerian National Petroleum Company (NNPCL) has increased the pump price of petrol to N855 per litre at its retail stations and N897 per litre at stations owned by independent marketers.
The hike represents a 37% increase from N620 and N630, approved last year.
The increase has yet to be officially confirmed by the NNPC, as Legit.ng calls to the NNPC spokesman went unanswered, and he did not reply to messages seeking clarification on the issue.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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