IPMAN Condems Tinubu, Dangote and NNPC Over Higher Local Fuel Price

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Being Than Imported
Dangote Petrol: N950/litre Price Tag Sparks Importation Fears, Controversy


Nigeria's fuel market is bracing for a potential surge in petrol importation following the announcement by the Nigerian National Petroleum Company Limited (NNPC) that it will sell petrol produced by the Dangote Petroleum Refinery at a price above N1,000/litre in some parts of the country. The development has sparked concerns among oil marketers and industry stakeholders.


Welcome to Naija Anchor News. Today, we're discussing the controversy surrounding the pricing of petrol from the Dangote refinery and its implications for Nigeria's fuel market.


According to NNPC, the petrol will sell for N950/litre in Lagos and its environs, N999.22 in Abuja, Sokoto, Kano, and others, and as high as N1,019/litre in Borno State. However, major oil marketers have expressed concerns that the high price will encourage importation of petrol, as some vessels are expected to arrive in Nigeria from Tuesday.

The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote refinery), in its retail stations across the country. “The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at arm’s length,” he stated.


The company explained that the product it loaded on Sunday was paid for in dollars. The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for the September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024. “The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.


Soneye stated that the estimated pump prices of PMS were obtained from the Dangote refinery and would be across NNPC retail stations in Nigeria based on September 2024 pricing. Recall that the Dangote Group had disagreed with NNPC on Sunday on the N898/litre PMS cost announced by NNPC as the price at which Dangote sold the commodity.


Major oil marketers stated that the high price of the Dangote petrol released by NNPC would encourage the importation of the commodity, as they noted that some PMS vessels might arrive in Nigeria today (Tuesday). “As it is now, I don’t know what magic they (NNPC and Dangote) are going to perform because a lot of companies are surely going to be involved in the importation of PMS.


The Independent Petroleum Marketers Association of Nigeria raised concerns over the pricing of petrol from the Dangote refinery, urging NNPC to ensure that the product was not sold at a higher price than imported fuel. IPMAN argued that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike.


According to IPMAN on Monday, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option. The association emphasised that maintaining competitive pricing was crucial for the success of the Dangote refinery and for fostering a sustainable fuel market in the country.


IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television’s The Morning Brief breakfast programme on Monday. “If NNPC can sell Dangote products at a higher price than the imported products, then it doesn’t make sense. What is the celebration we are having all these while then?” he queried.


The NNPC began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got petrol at N898 per litre from the Dangote refinery.

Reaction from people on social media:

Dr Aminu W. Yusuf
@Dr_A_W_Yusuf

How I wish I were the President, I could have considered giving/accepting dollars as legal tender within the boundary of Nigeria as treason.

Ejiroghene (PraiseGod)
@EjiroAtenaga

This government is clueless at solving issues.

Words, Origin, Pronunciation and Use
@Wordybabe2

The refinery makes no difference at all.

The Authority
@0xAuthority
I’ve said this before, we’re first going to buy fuel $1/liter, then graduate to 2,000/litre because we’re a very docile people in this country.

We’ll not complain, not fight against, but grumble and then just accept whatever as long as we see it available.

Eme Minic
@ememinic

Can anything good come out of this administration?

Mary~Dave????
@MaryPearl_

Wow, those clowns who were spewing nonsense about Dangote's fuel being sold for low prices must be eating their words now! And when that minimum wage eventually increases to 70k, we’ll all be paying 2k for per liter of fuel.????

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