Dangote Refinery sells lower than PMS imported into the country Anthony Chiejina declares

 

Dangote Refinery said it had lately refrained from engaging in media fights, but they are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.

Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. Dangote Refinery said the benchmark of its prices against international prices, believes it prices are competitive relative to the price of imports. Dangote Refinery further said if anyone claims they can land PMS at a price cheaper than what what they Refinery is selling, are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles. Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for Dangote Refinery pricing, and have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks Anthony Chiejina the
Group Chief Branding and Communications Officer of the Dangote group has said.

In good faith, and in the interest of the country, Dangote Refinery commenced sales at these prices without clarity on the exchange rate that was l used to pay for the crude purchased.

At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.

While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, Dangote Refinery calls on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.

 

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