The Nigerian National Petroleum Company Limited (NNPCL) has come under fire from Aliko Dangote, Chairman of the Dangote Group, for falsifying the cost of petroleum purchased from his refinery. Dangote revealed in a Bloomberg interview that NNPCL had paid 15% less for fuel from his refinery on September 15, 2024, than for petroleum they imported. In spite of this, NNPCL is accused of providing false pricing, which caused misunderstandings over the true cost of locally refined petroleum.CONTINUE FULL READING>>>>>
Dangote explained that the higher costs associated with NNPCL’s imported fuel result from added expenses, including profit margins. He suggested that these additional costs inflate the pump price and are not reflective of the lower price of fuel sourced from his refinery. He emphasized that the pricing should be more transparent, especially given that fuel from his refinery is significantly less expensive than imported alternatives.
He further added that NNPCL likely introduced a “basket price” to balance the cost differences between imported and locally refined fuel. Dangote also suggested that NNPCL might be preparing to remove subsidies entirely, which would lead to adjustments in the fuel market.
Earlier reports revealed that NNPCL had altered its petrol price estimates from Dangote’s refinery for different regions in Nigeria. The company’s pricing, based on September 2024 figures, set the cost at N999.22 per liter in some states, with variations in others, reflecting the ongoing controversy over fuel pricing in the country.CONTINUE FULL READING>>>>>
