See more as Dangote replies oil marketers on high petrol price claim from refinery

3 weeks ago 6

Dangote Refinery has reacted to claims that it is selling petrol at above N1,000 per litre to marketers
The oil company labels the prices promoted by oil marketers' allegations as fake news and not correct
Oil marketers argue that the refinery’s alleged prices are above the current landing cost of imported petrol

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

The Dangote Refinery has dismissed as “fake news” allegations that it is selling Premium Motor Spirit (PMS), commonly known as petrol, at a rate between N1,015 and N1,028 per litre to marketers.

Oil marketers claimed that the Dangote refinery's petrol prices are higher than the landing costs of imported petrol.

An anonymous major marketer who was quoted in various reports claimed that the refinery currently sells to oil marketers making bulk purchases at N1,015/litre and small buyers at N1,028/litre.

His words:

“Dangote is selling to bulk buyers at N1, 015/litre, but to marketers who are not buying in bulk, the refinery is selling at N1, 028/litre.”

Vanguard also quoted Joseph Obele, the Publicity Secretary of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, as claiming that Dangote petrol might be higher because the refinery was processing imported crude oil.

Data released by the Major Energies Marketers Association of Nigeria showed that on Thursday, October 31, the landing cost of diesel was N1,069.97/litre, while that of aviation fuel was put at N1,119.67/litre.

Dangote reacts to petrol pricing

Reacting, Tony Chiejina, the Chief Corporate Communications Officer of Dangote Group dismissed the allegation.

He described the quoted prices by marketers as ‘fake news’.

"It is fake news."

Ghana proposes ECOWAS currency for Dangote petrol

Meanwhile, Legit.ng earlier reported that Ghana has hinted that African countries would agree on a common currency to buy Dangote petrol to dampen demand for dollars.

The West African nation also expressed interest in buying petroleum products from the refinery once it is operating at full capacity.

The head of the country's oil regulator said that patronising the Nigerian refinery would cut more expensive exports from Europe.

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Source: Legit.ng

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