The Nigerian National Petroleum Company Limited (NNPC Ltd.) has responded to allegations by the Muslim Rights Concern (MURIC) that it is undermining the Dangote Refinery Limited (DRL) by becoming the sole offtaker of all refinery products and limiting the possibility of lower fuel prices. According to MURIC, recent increases in the pump price of Premium Motor Spirit (PMS) prevent Dangote Refinery from offering competitive rates.
NNPC Ltd., through its Chief Corporate Communications Officer, Olufemi Soneye, has set the record straight, stating that the pricing of petroleum products from any refinery, including DRL, is dictated by global market forces. The company emphasized that the recent price adjustments for PMS have no impact on DRL’s ability to sell its products in Nigeria at a lower rate. On the contrary, the open market system allows DRL to offer competitive prices, should it choose to do so.
In clarifying its position, NNPC Ltd. refuted claims that it has become the sole offtaker for DRL. "NNPC Ltd. will only offtake products if market conditions make it advantageous," the statement noted. Both DRL and any other domestic refineries remain free to sell to marketers in a deregulated environment, under a willing buyer, willing seller framework. Additionally, NNPC Ltd. holds a significant financial stake in DRL and, as a partner, cannot undermine its operations.
The company also advised MURIC to verify facts before making public statements that could mislead Nigerians, potentially inciting unwarranted outrage against NNPC Ltd.
This clarification underscores NNPC Ltd.’s commitment to transparency and its ongoing role in Nigeria’s petroleum industry.
Tags
News