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Tuesday, January 14, 2025

Dangote refinery debunks rumors of N600 petrol price, says ‘no talks with IPMAN yet’

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The Dangote Group has swiftly denied rumors that it plans to set the petrol price at N600 per liter, dismissing the claims as baseless and speculative.

On Tuesday, Anthony Chiejina, spokesperson for the Dangote Group, clarified the situation, responding to reports suggesting that petrol marketers anticipated a fixed price from the refinery. “The Independent Petroleum Marketers Association of Nigeria (IPMAN) has no ties with our refinery, nor any authority to speculate on our pricing strategy,” he stated.

The speculation stemmed from a Punch Newspapers article titled “Marketers Project N600/litre for Dangote Petrol,” which Chiejina firmly rebutted. “IPMAN is not yet a business partner with us. We have never discussed Premium Motor Spirit (PMS) pricing with them, and they lack any mandate to speak for us,” he emphasized.

Chiejina urged the public to disregard such unfounded reports and rely on official communications from the Dangote Group. “We have designated channels to communicate our positions to stakeholders,” he added.

A media outlet reported earlier that petrol marketers were projecting a N600 per liter price for PMS from the Dangote Refinery. This report, however, misrepresented IPMAN’s confidence that the refinery could lower petrol prices, similar to its impact on diesel prices.

IPMAN leader Hammed Fashola indicated that while discussions with some refinery officials are ongoing, no official agreements have been made. “The dialogue continues. We are optimistic about concluding discussions soon,” he remarked.

The Dangote Refinery, located in Lagos, Nigeria’s commercial hub, is on the verge of launching PMS production. Aliko Dangote, CEO of the $19 billion petrochemical plant, projected that the refinery would begin producing petrol between August 10 and 12, 2024.

Though not yet operational in selling petroleum products, the refinery is expected to reduce Nigeria’s dependence on imported oil and gas, while also driving investments across the sector’s value chain. Additionally, the refinery aims to export its products to neighboring African countries and the Caribbean, enhancing its regional impact.

Fathia Gbadamosi
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