The Dangote Group has vehemently denied the Nigerian National Petroleum Company (NNPC) Ltd.’s assertion that it purchased petrol at a price of N898 per liter. The conglomerate has labeled the claim as “misleading” and clarified that all transactions between the two entities are conducted in US dollars.
The controversy arose after the NNPCL announced that it had procured petrol at a cost of N898 per liter, a figure that raised concerns about the potential for a significant increase in pump prices. The NNPCL attributed the high cost to global market trends and the need to ensure a steady supply of fuel to the country.
However, the Dangote Group, which operates the largest refinery in Africa, has disputed the NNPCL’s claim. In a statement released to the media, the group stated that all its transactions with the NNPCL are denominated in US dollars. This implies that the NNPCL’s claim of purchasing petrol at N898 per liter is based on a conversion rate that may not accurately reflect the actual cost of the fuel.
The Dangote Group has further emphasized that it has not sold any petrol to the NNPCL at the price mentioned in the NNPCL’s statement. The group has accused the NNPCL of providing misleading information that could create unnecessary panic and uncertainty in the fuel market.
The disagreement between the NNPCL and the Dangote Group has significant implications for the Nigerian fuel market. If the NNPCL’s claim is accurate, it could lead to a significant increase in pump prices, which would have a negative impact on consumers and the economy.
However, if the Dangote Group’s assertion is correct, the NNPCL’s claim may be based on a misunderstanding or miscalculation. This could raise questions about the transparency and accuracy of the NNPCL’s reporting on fuel procurement costs.
The controversy has also highlighted the complexities of the Nigerian fuel market. The market is dominated by a few major players, including the NNPCL and the Dangote Group. The relationship between these entities can have a significant impact on fuel prices and supply.
As the debate between the NNPCL and the Dangote Group continues, it remains to be seen how the issue will be resolved. The outcome of the dispute could have far-reaching implications for the Nigerian economy and the lives of ordinary citizens.
