by Ayomide Otitoju
The Nigerian National Petroleum Company Ltd (NNPCL) announced on Saturday that there is no assurance of lower petrol prices as it prepares to begin lifting products from the Dangote Refinery. According to reports, NNPCL is set to commence lifting petrol from the refinery starting September 15.
In a statement, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the pricing of petroleum products from any refinery, including Dangote Refinery Ltd., will be dictated by global market forces. “The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces,” Soneye said, addressing speculation that domestic refining could lead to lower prices.
This statement follows rumors suggesting that NNPCL is attempting to monopolize the offtake of products from the Dangote Refinery. The company’s response also comes after the Muslim Rights Concern (MURIC) issued a press release alleging that NNPCL’s pricing policies could prevent the Dangote Refinery from offering more competitive rates.
Soneye dismissed the claims, reiterating that market forces, not any agreements with the refinery, will dictate prices. He also denied that NNPCL has become the sole offtaker for all products from the Dangote Refinery, as MURIC had suggested.
The clarification comes as the country closely watches the long-anticipated start of domestic petrol production from the Dangote Refinery, with hopes for potential relief in fuel prices amidst fluctuating global oil markets.
