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Dangote Refinery has denied reports alleging it sells petrol between ₦1,015 and ₦1,028 per litre, labelling the claim as "fake news" on Saturday, November 2.
The refinery’s response follows statements by some oil marketers suggesting Dangote’s petrol pricing is markedly higher than the import cost.
On Friday, members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) hinted that petrol from the refinery is priced over ₦1,000 per litre, making importation more cost-effective.
READ ALSO: Marketers consider fuel importation as Dangote Refinery allegedly underdelivers
According to IPMAN's National Assistant Secretary, Yakubu Suleiman, the current landing cost for imported petrol stands at ₦978.01 per litre, below the alleged price set by Dangote.
Suleiman, during an interview on Arise Television, said, “We have to go where the price is lower and where we can make a profit. We must also consider the impact on Nigerians.”
IPMAN's comments reflect a broader concern within the industry about escalating fuel prices and the strain on consumers.
READ ALSO: We've not fixed petrol price - Dangote Refinery dismisses ₦650/litre speculation
In a swift rebuttal on its official X (formerly Twitter) account, Dangote Group categorically dismissed the reports, calling them "fake news."
The company did not, however, provide additional details on its actual pricing strategy or the factors influencing any price adjustments.
The allegation has stirred public discourse, with consumers expressing concern over potential price increases amid ongoing inflation and high energy costs.
Dangote's Locally Refined Fuel Costs Less, Outperforms Imports – Sources
Amidst growing tensions between the Dangote refinery and the Nigerian National Petroleum Company Limited (NNPCL), industry insiders reveal Dangote's locally refined Premium Motor Spirit (PMS) is both cheaper and of higher quality than imported alternatives.
While some marketers claim importing PMS is more cost-effective, industry findings and anonymous sources argue otherwise, indicating Dangote's PMS undercuts imported prices by ₦11 per litre.
Yakubu Suleiman, Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, stated that Dangote's pricing—at ₦995 per litre—leaves marketers questioning its affordability. “Dangote’s price is higher than other places,” he noted.
However, energy experts point to significant cost savings in local production. Importing PMS incurs hefty expenses: freighting a 30kt cargo from Europe costs $650,000 to $800,000, with additional fees from the Nigerian Ports Authority and NIMASA totaling $350,000. Dangote refinery’s domestic production eliminates these charges, enhancing affordability.
A source stressed Dangote's fuel quality, saying it meets global standards, offering lower sulphur content than typical imports.
“NNPCL imports blended PMS with high sulphur content,” the source said, attributing the push for imports to profit motives that burden consumers.
The NNPCL has yet to address these quality concerns publicly, despite the continued preference for imports over Dangote’s refined PMS, which experts argue is a better option for Nigerian consumers.