NNPC to MURIC: We’re not sole offtaker, market open to lower prices from any domestic refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) has responded to a press release by the Muslim Rights Concern (MURIC), which alleged that the Dangote Refinery Limited (DRL) is being unfairly disadvantaged by NNPC’s actions.

In a statement signed by Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, the company clarified that petroleum product pricing, including that from the Dangote Refinery, is driven by global market dynamics, not by NNPC’s involvement.

MURIC had suggested that recent adjustments in the pump price of Premium Motor Spirit (PMS) would prevent the Dangote Refinery from offering competitive prices and claimed that NNPC had become the sole offtaker for the refinery’s products.

In its response, NNPC Ltd provided the following clarifications, “To set the records straight, NNPC Ltd wishes to further state as follows: The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd (DRL), is determined by global market forces. The recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market. In fact, 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.