Dangote Refinery has dismissed claims that its petrol prices are unreasonably high, suggesting that competitors offering cheaper fuel may be importing substandard products into the Nigerian market. Aliko Dangote, President of Dangote Refinery, stated that the refinery’s pricing strategy is set based on international benchmarks and remains competitive with the costs of imports. He further noted that the refinery’s fuel prices are even lower than the benchmark established by the Nigerian National Petroleum Corporation (NNPC) for local marketers.
“In good faith and in the interest of Nigeria, we began sales at these prices despite lacking a fixed exchange rate for crude payment,” Dangote stated. His office’s statement also raised concerns about an international trading company leasing a depot adjacent to the refinery to blend and distribute lower-quality fuel, potentially undermining Dangote’s commitment to high standards and market integrity.
Dangote emphasized the importance of safeguarding Nigeria’s domestic refining sector to foster job creation and economic growth. He argued that, as in other nations where industries are protected to encourage local production, Nigeria should support its refining sector to avoid the economic drain of excessive fuel imports.
“While we are committed to providing affordable, high-quality, domestically refined products, we urge the public to disregard disinformation by those who would rather we continue exporting jobs and importing poverty,” Dangote concluded.
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