Dangote Refinery has drawn the attention of the general public debunking the newspaper's headlines announcing “Marketers Project N600/litre for Dangote Petrol” as published in Punch Newspapers of Tuesday August 13,2024.

The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, made this declaration through its official social media X handle distancing the company from the remarks made by the Independent Petroleum Marketers Association (IPMAN) National Vice President, Hammed Fashola preempting company’s pump price of petrol.  

IPMAN National Vice President, Hammed Fashola, has told Punch correspondent in an interview on Monday that the $20bn refinery would bring down the cost of fuel if it gets the needed support, especially as it has to do with crude supply.

According to him, and reported by Punch News, the Nigerian National Petroleum Company Limited, which is the sole importer of PMS has been selling to marketers at N570/litre, but most IPMAN members buy from private depot owners at N700 and above.

“We are marketers; we go for the best. We have been buying from the NNPC, but if the opportunity of Dangote comes and the price is favourable, we will grab it. It depends on the price.

“The official price from the NNPC is around N570/litre, but the third parties, the private depots, sell PMS to most of our members at N700 and above.

“Plus or minus, we hope Dangote can sell between N600 and N650/litre. N600 is still okay. However, it depends on the cost of the production from Dangote’s end. We have to be factual and sincere to ourselves. The NNPC we are talking about has an element of subsidy or what they now call under-recovery. I think something is hidden there,” Fashola stated.

In furtherance to above disclaiming, Mr. Chiejina further clarified that Dangote has never entered into any business relation yet with IPMAN and has not in any business forum discussed fixing of petrol pump price. He seized the opportunity urging the general public not to assimilate such information as it is never from the company.

“We would like to clarify that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner yet. We have never discussed the price of Premium Motor Spirit (PMS) with them, and they have no mandate or authority to speak for us, either for good or with hidden transcripts.

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“We urge the public to desist from such speculative announcements. We have our official channels through which we make our views known to our stakeholders,” Chiejina Stated.