The Federal Government has reaffirmed its stance of non-interference in the ongoing dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery regarding petrol pricing, despite public expectations for potential intervention.
In a briefing at the State House in Abuja, Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy, emphasized that the petrol market operates under a deregulated framework, permitting both companies the autonomy to determine their prices.
“The PMS price regime has been deregulated. Dangote is a private company. NNPCL, you should not forget, is a limited liability company,” Onanuga stated.
The dispute surfaced after NNPCL claimed that Dangote Refinery sold petrol to them at N898 per litre. In response, Dangote countered that the price cited was misleading, asserting that his refinery provided petrol at rates lower than those of imported fuel.
He further clarified that decisions surrounding the removal of subsidies rest solely with the government.
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Currently, the lowest pump price of petrol stands at N895 per litre. Onanuga pointed out that the government would not intervene in the pricing conflict, allowing market forces to dictate outcomes.
He noted, “You can see that the private marketers have said that they find the NNPC or Dangote price too much for them, and they may resort to importing fuel.”
Emphasizing the power of market dynamics, he added, “If NNPC fuel is too much, the public market can go to the market and bring in their own fuel and sell at the price that they think is very reasonable and profitable for them.”
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