Dangote Challenges NNPC Over Fuel Cost Announcements

Dangote Challenges NNPC Over Fuel Cost Announcements....KINDLY READ THE FULL STORY HERE▶

Chairman of Dangote Group, Aliko Dangote, has revealed that the Nigerian National Petroleum Company Limited (NNPCL) misrepresented the price of fuel purchased from his refinery. He noted that the fuel lifted from his refinery on September 15th was 15% cheaper than NNPCL’s imported fuel……CONTINUE READING 

Dangote highlighted that the pricing set by NNPCL lacked transparency, attributing it to the high costs involved in importing fuel from foreign suppliers.

He explained, “There isn’t really a disagreement here. NNPC bought from us on September 15th at the international price. They also imported over 800,000 metric tons of gasoline. The fuel they purchased from us is actually cheaper than what they imported. However, when they announced the price for our fuel, it was not the real figure, whether due to miscommunication or otherwise.”

Dangote further clarified, “Most likely, the price they announced included additional costs and profit margins. On the other hand, their imported fuel is about 15% to 20% more expensive than ours. So, what they’ve done is to sell at a ‘basket price.’ If they intend to remove subsidies, they can simply announce it, and people will adjust accordingly.”