Dangote Refinery denies fixing petrol price at N600 per liter  

The management of Dangote Group has firmly refuted circulating reports that it has set the pump price of petrol at N600 per liter for sale to marketers nationwide. 

In a statement on Tuesday, the group’s spokesperson, Anthony Chiejina, clarified that the speculation reported by a national daily—suggesting that marketers expect the refinery to sell petrol at N600 per liter—is not reflective of the refinery’s position. 

Chiejina emphasized that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is not affiliated with the refinery and has no authority to speculate on the price at which the management intends to sell petrol. 

“Our attention has been drawn to headlines announcing “Marketers Project N600/litre for Dangote Petrol” published in Punch Newspapers of Tuesday August 13, 2024. 

“We would like to clarify that Independent Petroleum Marketers Association of Nigeria (IPMAN) is not our business partner yet.  

“We have never discussed price of Premium Motor Spirit (PMS) with them, and they have no mandate or authority to speak for us, either for good or with hidden transcript. 

“We urge the public to desist from such speculative announcements. We have our official channels through which we make our views known to our stakeholders,” Chiejina said.  

A media outlet (not ThePressNG) earlier today reported that marketers are projecting Dangote Refinery to sell its Premium Motor Spirit (PMS) at N600 per liter.  

According to the report, the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed confidence that the Dangote Refinery would lower the price of petrol, similar to its impact on diesel prices.  

IPMAN leader, Hammed Fashola, mentioned that the association has engaged in business discussions with some officials from the refinery regarding a potential partnership and that marketers are awaiting a response from Dangote. 

“The discussion continues. We are on course. I think very soon we will conclude the discussion. We are waiting,” he said. 

Dangote refinery, located in the commercial hub of Nigeria, Lagos State, is expected to roll out PMS anytime soon.  

According to the CEO of the $19 billion petrochemical plant, Aliko Dangote, projected that the refinery would begin the production of petrol between August 10 and 12, 2024.  

While the refinery is yet to begin the sales of petroleum products, the general feeling is that the refinery will help reduce the cost of import dependency in the oil and gas sector and also drive investment across the value chain.  

The refinery is also expected to export some of its products to neighboring African countries as well as the Caribbean’s.