Aliko Dangote, chairman of Dangote Group, has strongly refuted recent reports alleging that the company sold fuel to the Nigerian National Petroleum Corporation (NNPC) at a rate of ₦898 per litre. These claims, which have circulated extensively across various media outlets, have caused significant public outrage and confusion, especially given the sensitive and critical role of fuel pricing in Nigeria’s economy.
In response to the circulating reports, the Dangote Group issued a formal statement categorically dismissing the rumours as “completely false and misleading.” The company emphasized that it has not engaged in any transaction with the NNPC at such an exorbitant price point. The statement was issued to clarify the company’s position and to put an end to the misinformation spreading across the country.
The Dangote Group’s statement further stressed that the Dangote Refinery, which has been highly anticipated as a transformative project for Nigeria’s fuel supply chain, has not yet commenced full-scale operations. This fact alone, the company asserted, makes the alleged transaction impossible. The refinery is expected to begin its large-scale contributions to Nigeria’s fuel supply soon, but until that happens, reports of fuel sales at ₦898 per litre to NNPC are baseless.
In the official statement, the Dangote Group said: “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, alleging that we sell our PMS (Premium Motor Spirit) at ₦898 per litre to the NNPCL. This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has plagued the Nigerian economy for the past 50 years.”
The Dangote Group urged Nigerians to disregard these baseless claims and to await a formal announcement on fuel pricing. This announcement is expected to come from the Technical Sub-Committee on Naira-based crude sales to local refineries, which was recently appointed by His Excellency, President Bola Ahmed Tinubu GCFR. The committee will begin its work on October 1, 2024, and will be responsible for determining pricing mechanisms, with the goal of ensuring transparency and fairness in the domestic market. It is important to note that the current stock of crude oil was procured in U.S. dollars, not Naira, which further discredits the rumours.
Additionally, the statement explained that the company has been selling its products to NNPCL in dollars at a significantly lower price compared to what NNPCL is currently paying for imported fuel. “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing,” the statement read. This move, according to the Dangote Group, will ensure that petrol will be available in every local government area of Nigeria, no matter how remote.
The Dangote Group also assured Nigerians of the continuous availability of high-quality petroleum products, while pledging its commitment to addressing
the longstanding issue of fuel scarcity in the country. The company emphasized that the ongoing efforts to enhance fuel availability and stabilize pricing would soon bring an end to the fuel shortages that have troubled Nigeria for years.
In closing, the statement reiterated, “We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries. We are confident that our efforts will lead to a future where there is petrol available in every part of Nigeria, regardless of the region’s remoteness.”
The Dangote Group remains committed to supporting Nigeria’s economic growth and development by ensuring the steady supply of fuel and addressing the critical issue of energy insecurity. With the ongoing efforts to finalize the pricing structure and the full-scale operation of the Dangote Refinery in the near future, Nigerians can expect a significant improvement in the availability and affordability of petroleum products.
