The Nigerian National Petroleum Company Limited (NNPCL) has debunked the alleged undermining of Dangote Refinery's plan to lower fuel prices.
The allegation was leveled against the NNPCL by Muslim Rights Concern (MURIC).
NNPCL in a statement said it is not the sole off-taker of the Dangote refinery products as the "market is open to lower prices from any domestic refinery" in Nigeria.
The NNPCL's Chief Corporate Communications Officer Olufemi Soneye signed the statement that petroleum product pricing from any refinery, including the Dangote Refinery Limited is determined by global market forces.
"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," he said.
Soneye maintained that there is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework, as confirmed by Dangote.
He said that NNPCL will only fully offtake petrol from the refinery if the market prices are higher than the pump prices in Nigeria.
"The DRL and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products."
The statement said that NNPC Ltd has no desire or intention to become the distributor for any entity in a free market environment,
NNPCL denied the notion of becoming a sole off-taker of the Dangote product as alleged by MURIC.
The company called on MURIC as an advocacy group for fair and just treatment, to always verify their facts before making statements.
NNPCL said that MURIC statement is entirely flawed and has the potential to incite ordinary Nigerians against the company.
