The Nigerian Presidency has stated that Dangote Refinery will not sell its products, including Premium Motor Spirit (PMS), below the official market price.
This decision highlights the government’s regulatory oversight and the NNPC’s industry expertise.
According to Temitope Ajayi, Senior Special Assistant to President Bola Tinubu on Media and Publicity, “Dangote Refinery will certainly not sell their products below market value as a business that was set up to make a profit.”
Ajayi emphasized, “I don’t see how NNPC or the federal government will control the price for a private business. The role of the petroleum industry regulator will be to ensure products quality and fair pricing so that the business doesn’t take undue advantage of the citizens or rip them off.”
This stance follows the commencement of petroleum production at Dangote Refinery, announced by Aliko Dangote, Chairman of the Dangote Group.
The pricing strategy for refined petroleum products will be determined through collaborative efforts between the Federal Executive Council (FEC) and the Nigerian National Petroleum Company (NNPC) Limited.
Meanwhile, Bloomberg reported that the Nigerian Government would allow Dangote Refinery to fix its price, quoting top government sources as saying, “Nigeria will allow Dangote to set the price of gasoline to petroleum marketers starting next month… Going forward, petrol marketers will be allowed to buy products directly from the Dangote Refinery.”
In a related development, Diaspora Digital Media reported a fortnight ago that South African billionaire, Johann Rupert has overtaken Aliko Dangote to become Africa’s richest man.
Dangote is now second on the list.
