Aliko Dangote, President of Dangote Group and Africa’s richest man, has stated that petrol from Dangote Refinery is 15% cheaper than that imported by the Nigerian National Petroleum Company Limited (NNPCL).
He made the remark in an interview with Bloomberg Television on Monday.
This statement comes weeks after NNPCL revealed it purchased petrol from Dangote Refinery at N898 per liter on September 15, 2024. The disclosure led to NNPCL raising fuel prices to between N950 and N1,100 at filling stations nationwide.
The price disparity between NNPCL and Dangote Refinery has caused confusion in the oil and gas sector over the past week. Dangote clarified that while NNPCL bought petrol from his refinery, it also imported about 800,000 metric tons of gasoline, with the imported petrol being 15% more expensive.
Dangote further explained that the N898 per liter price reported by NNPCL reflected additional costs, including profit margins, and was not the refinery’s actual sale price. He emphasized that Nigerians are unaware of the full cost NNPCL incurs for imported petrol.
“There wasn’t a disagreement, per se. NNPC bought from us on the 15th of September at the international price, which they also bought, about 800,000 metric tons of gasoline imported.
“So the one that they bought from us is cheaper than the one they are importing.
“And so when they announced our price, the guy, I don’t know whether he was authorized. It wasn’t the real price. What they have announced is most likely what it cost them, including profit and other expenses.
“And then the other one is one that they imported. But the people don’t know how much they spend in terms of imports, but their importation is almost, maybe about 15 percent more expensive than ours, you know.
“So what they are supposed to do is to sell at a basket price, or if they want to remove subsidy, they can announce that they will remove subsidy, which is okay, everybody you know, will adjust it.”
Dangote previously called for the complete removal of the fuel subsidy by the Nigerian Government.
In a related development, petrol marketers revealed that they purchased NNPCL’s imported petrol at an average price of N870 per liter.
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