Breaking: Presidency Speaks on Efforts to Lower Fuel Prices Amid NNPC, Dangote Refinery Dispute
The latest news in Nigeria now is that the Federal Government has distanced itself from the ongoing controversy between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery concerning petrol pricing.
Ejes Gist News reports that there are growing expectations that government intervention could lead to a reduction in fuel prices.
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However, Bayo Onanuga, President Tinubu’s Special Adviser on Information and Strategy, clarified the government’s stance during a briefing in Abuja. Onanuga emphasized that the petroleum market has been deregulated, allowing both Dangote Refinery and NNPCL to set their prices as private entities.
“The PMS price regime has been deregulated. Dangote is a private company. NNPCL, you should not forget, is a limited liability company,” Onanuga explained. “Whatever controversy both of them are having is their own problem.
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The dispute arose when NNPCL stated that Dangote Refinery sold petrol to them at ₦898 per litre. Dangote Refinery, however, refuted this claim, stating that the price quoted by NNPCL was misleading and that the actual cost was lower than the price of imported petrol.
Aliko Dangote, CEO of Dangote Refinery, recently added that the removal of fuel subsidies is entirely the responsibility of the government, not his company.
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The lowest petrol pump price in the market currently stands at ₦895 per litre.
Onanuga reiterated the government’s position, stating that both parties should resolve their issues independently, without government interference, and that market forces should dictate pricing.
“If NNPC’s fuel is too expensive, private marketers are free to import fuel and sell at a price they deem reasonable and profitable,” Onanuga concluded.
