PMS market is strictly regulated, marketers have no control over fuel prices – Chiejina, Dangote spokesperson

Oredola Adeola

The Dangote Group has clarified that the Nigerian National Petroleum Company Limited (NNPC) has not yet commenced lifting Premium Motor Spirit (petrol) from its refinery.

Anthony Chiejina, Group Chief Branding and Communication Officer of Dangote Group, in a release obtained by Advisors Reports, made this known in response to a headline published in the BusinessDay newspaper on Wednesday, 4 September 2024, titled “NNPC Lifts Dangote Petrol, Sells at N897 Per Litre.”

Chiejina emphasised that no agreement has been finalized with NNPCL regarding the lifting of refined petrol from the Dangote Petroleum Refinery.

He said, “As such, there is no basis for claims about the pricing of petrol from the refinery at this time.

Chiejina emphasized that the petrol market is strictly regulated, adding that marketers do not have the authority to set or influence the price of PMS, as pricing decisions fall entirely under the jurisdiction of government authorities.

He said, “The PMS market is strictly regulated, a fact known to all stakeholders and oil marketers in the sector,

“We do not have the authority to determine, fix, or influence the price of petroleum products, as this falls under the jurisdiction of government regulatory bodies,” Group Chief Branding and Communication Officer of Dangote Group said.

The Dangote Group has therefore urged the public to disregard the reports describing it as misleading and emphasizing that the refinery remains committed to providing Nigerians with high-quality petroleum products once production and distribution processes are fully in place across the country.

Chiejina further assured that updates regarding the finalization of contracts with NNPC and the commencement of petrol lifting from the Dangote Refinery will be communicated in due course.