The Nigerian National Petroleum Company Limited (NNPCL) has refuted allegations made by the Muslim Rights Concern (MURIC) that it is undermining the operations of the Dangote Refinery. NNPCL stated that the refinery is free to sell directly to marketers, and any pricing of petroleum products will be influenced by global market dynamics.
MURIC's
Allegations and Concerns
The
controversy began when MURIC, through its Executive Director, Professor Ishaq
Akintola, accused the Nigerian government and NNPCL of restricting the Dangote
Refinery from offering lower fuel prices. The group expressed concerns that
recent adjustments to the pump price of Premium Motor Spirit (PMS) would
prevent the refinery from operating freely in the Nigerian market. MURIC
further claimed that NNPCL had positioned itself as the sole buyer of products
from the Dangote Refinery, which could potentially hinder competition and result
in higher prices for consumers.
MURIC
called on the government to allow the Dangote Refinery to operate without
interference, ensuring that it is not “strangled” by regulatory actions that
could limit its ability to set competitive prices.
NNPCL Responds,
Defends Market Operations
In
response, NNPCL, through its Chief Corporate Communications Officer, Olufemi
Soneye, issued a statement clarifying the situation and rejecting MURIC's
claims. The company stressed that the pricing of petroleum products from any
refinery, including the Dangote Refinery, is determined by global market
forces, not by any unilateral decisions made by NNPCL or the government.
NNPCL
pointed out that it has a significant financial stake in the Dangote Refinery
and would not undermine its operations. The company emphasized that MURIC’s
allegations were based on misinformation and that the group's statements had
the potential to incite public dissatisfaction against the organization.
NNPCL's
Official Statement
“To
set the records straight,” NNPCL said in its official statement, “the pricing
of petroleum products from any refinery, including Dangote Refinery Ltd. (DRL),
is determined by global market forces.” The company explained that the recent
changes in the pump price of PMS have no bearing on the Dangote Refinery or any
other domestic refinery's ability to access the Nigerian market.
The
statement further clarified that there is no guarantee of lower prices for
domestically refined products compared to those priced according to global
parity standards. NNPCL highlighted that the Dangote Refinery, like any other
refinery, operates under a fully deregulated market system. The refinery is
free to sell directly to marketers on a willing-buyer, willing-seller basis.
NNPCL will only purchase PMS from the refinery if global market prices are
higher than the regulated pump prices in Nigeria.
NNPCL's
Billion-Dollar Stake in Dangote Refinery
Addressing
the concerns that it is hindering the refinery's operations, NNPCL reminded the
public that it has invested heavily in the Dangote Refinery, holding a
significant billion-dollar stake in the facility. The organization made it
clear that it would not undermine a business in which it has a major financial
interest.
The
statement concluded by urging MURIC and other stakeholders to verify their
facts before making accusations that could stir unnecessary tension among
Nigerians.
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