Our petrol cheaper than imported ones — News — The Guardian Nigeria News – Nigeria and World News

The President of Dangote Refinery, Aliko Dangote has said that the Premium Motor Spirit (PMS) from its refinery is more cheaper than imported ones, countering recent statements made by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlets Owners Association of Nigeria (PETROAN).

In a statement yesterday by his Group Chief Branding and Communications Officer, Anthony Chiejina, Dangote stressed that their prices are benchmarked against international prices and are competitive relative to import costs, adding that if anyone claims they land PMS at a price lower than what they offer, they are likely importing substandard products and collaborating with international traders to flood the market with low-quality fuel.

“NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.”

“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased,” he stated.

Dangote highlighted that an international trading company has recently rented a depot facility adjacent to the Dangote Refinery to blend substandard products for market distribution, which could compete with the refinery’s higher-quality production. He warned that this practice undermines the growth of Nigeria’s domestic refining sector.

“We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty,” he stated.

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