The Dangote refinery says the Premium Motor Spirit (PMS), otherwise known as petrol, refined by the company is cheaper than the imported product by oil marketers.
Dangote refinery said any oil marketer that sells petrol cheaper than the price it offers in Nigeria is importing substandard products.
The Dangote refinery made this known in a statement issued by its Group Chief Branding and Communications Officer, Anthony Chiejina, on Sunday, November 3, 2024.
This was in reaction to claims by some oil marketers that the cost of Dangote refinery’s petrol is higher than that of the imported petrol.
Chiejina, however, noted that the oil marketers were bent on making the Dangote refinery “continue to export jobs and import poverty”.
He stated: “We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports. If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low-quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
“Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
Dangote: NNPCL, marketers not buying fuel from our refinery
“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at 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.
“At the same time, 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 production.
“This is detrimental to the growth of domestic refining in Nigeria. 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 product 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.”
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