The Nigerian National Petroleum Company Limited (NNPC Ltd) has refuted claims by the Muslim Rights Concern (MURIC) that it is undermining the Dangote Refinery Limited (DRL) by controlling prices and becoming the sole offtaker of its products.
In a statement, NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that the pricing of petroleum products is determined by global market forces and that the recent changes in PMS prices do not affect the DRL’s access to the Nigerian market.
“If current prices are perceived as high, it presents an ideal opportunity for the refinery to sell its products at lower prices in the Nigerian market,” Soneye said.
He emphasized that NNPC Ltd will only fully offtake PMS from the DRL if market prices are higher than pump prices in Nigeria, and that the refinery is free to sell directly to any marketer on a willing buyer, willing seller basis.
Soneye also stated that NNPC Ltd has no intention of becoming a sole offtaker or distributor in a free market environment, and that the company cannot undermine a business in which it holds a significant stake.
He urged MURIC to verify facts before making statements that could incite Nigerians against NNPC Ltd.
