alleged sales of PMS at N898 per litre to the NNPCL: misleading and mischievous

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… subject NNPCL to investigation- High Chief Peter Ameh

By Onwe Wisdom

The Dangote Refinery has described a statement attributed to NNPCL where the spokesperson, Mr. Olufemi Soneye said Dangote Refinery sell PMS at N898 per litre to the NNPCL as misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

This is contained in a press statement e-signed by Dangote Refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina dated 15th September, 2024.

The statement reads in full…

Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.
We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.

In a swift reaction,The national secretary, CUPP, former IPAC national chairman and ex-presidential candidate, High Chief Peter Ameh said NNPCL must be subject to investigation; notes that the outrageous price per litre by Dangote Refinery unpacks controversy surrounding fuel prices in Nigeria and the exploitative conspiracy in the oil industries against the Nigeria masses.

“The recent disclosure by the Nigerian National Petroleum Company Limited (NNPCL) that it purchased fuel from Dangote Refinery at N898 per litre has sparked widespread controversy and outrage. This revelation raises fundamental questions about the cost of production, transparency, and the continued exploitation of the Nigerian masses”.

Ameh further notes, “firstly, the high cost of fuel purchased from Dangote Refinery is unjustifiable, especially considering the absence of tariffs, landing costs, and port charges. With crude oil supplied in local currency, the refinery’s production costs should be significantly lower. It is imperative that Dangote Refinery provides a detailed breakdown of its cost of production to justify the exorbitant price of N898 per litre.

“The lack of transparency and accountability in the pricing mechanism is alarming. The NNPCL’s revelation suggests a conspiracy to continue the exploitative price regime through the back door. This undermines the benefits of domestic refining and raises questions about the true advantages of local refining.

“Furthermore, the high cost of fuel per litre remains beyond the reach of the average consumer, defeating the purpose of having a refinery in the country. The cost of gasoline is higher than normal, perpetuating the exploitation of vulnerable Nigerians.

In my final analysis , the NNPCL’s disclosure highlights the need for transparency, accountability, and regulatory oversight by the National assembly in the energy sector. Dangote Refinery must provide a detailed breakdown of its cost of production, and the NNPCL must negotiate competitive prices. The government must allow the independent regulatory body to monitor pricing mechanisms and protect consumers from exploitation. Only then can Nigeria unlock the true potential of domestic refining and ensure affordable energy for its citizens”.