The Dangote Group has refuted recent reports suggesting that the Nigeria National Petroleum Company Limited (NNPCL) is currently lifting petrol from its refinery at a price of N897 per litre. In a statement issued on Thursday, Anthony Chiejina, the Group’s Chief Branding and Communications Officer, clarified that the company has not yet finalized its agreement with NNPCL, and as such, cannot set any price for petrol.
Chiejina emphasized that the attention of the group had been drawn to a misleading headline titled, **“NNPC lifts Dangote Petrol, sells at N897 per litre,”** published by a national daily. He categorically denied the claim, stating that NNPC has not started lifting Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery.
“As we have not yet concluded our contract with NNPC, the issue of setting a price for petrol lifted from our refinery does not arise,” the statement read.
The company also stressed that the PMS market is heavily regulated, meaning that prices are determined by relevant government authorities, not by individual companies. Dangote Group reiterated its commitment to transparency and fairness in its operations, urging the public to disregard the erroneous reports.
Aliko Dangote, Group Chief Executive Officer, recently disclosed that the Federal Executive Council is working on a new pricing framework for petrol produced by the Dangote Refinery. The refinery, which has a capacity of 650,000 barrels per day, unveiled its first batch of refined petrol earlier in the week. Dangote noted that the product would be available in filling stations within 48 hours, depending on the country’s logistical arrangements.
He further explained that the pricing structure is being finalized under the leadership of President Bola Ahmed Tinubu and could be rolled out once the necessary agreements with NNPCL are completed.
However, shortly after Dangote’s remarks, reports surfaced that NNPCL had directed its retail outlets to raise the pump price of petrol to N855 per litre. This move came just two days after the company acknowledged facing difficulties in fuel importation due to an $8 billion debt.
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