Our Terms & Conditions | Our Privacy Policy
An indigenous oil and gas company Pinnacle Oil & Gas has said it will never sell substandard petroleum products to Nigerians.
Pinnacle Oil said this in a release on Monday, November 4, 2024 in response to an apparent statement issued on Sunday by the management of Dangote Refinery that a blending plant was setting up around its facility in Lagos, with the aim of selling substandard petroleum products to Nigerians.
According to Pinnacle Oil & Gas, as the only depot close to Dangote Refinery in the area, it was responding to clear the air on the matter raised by the refinery.
READ ALSO:Navy sent five warships, others to bolster Gulf of Guinea security
On November 3, the Dangote organisation issued a press release alleging that an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality products.
Reacting to the statement Pinnacle Oil & Gas stated, “Pinnacle Oil & Gas has the only depot facility next to the Dangote Refinery. Without equivocation, we state that Pinnacle Oil & Gas would never engage or attempt to import or distribute any off-spec or substandard product into the Nigerian market.
“Our company has a reputation for integrity and regulatory compliance, which is extremely important to us.”
It added that in a deregulated environment, the system worked a lot better when allowed to have multiple buyers and multiple sellers.
It said it was the right thing for Nigerians to have supply options, whether for imported fuels or locally refined ones. According to Pinnacle Oil & Gas, when this is allowed to happen, the lowest sustainable price will then be established.
He said: “Deregulated commodity markets work best with an open system of multiple sellers and multiple buyers bidding to establish the market price. For Nigeria to have supply options that include local refineries or imports is the mechanism that will establish the lowest sustainable prices.
“A free market is also regulated to ensure that all products meet the country’s specifications and that all players behave responsibly.”
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.