The Federal Government has made it clear that it will not get involved in the ongoing dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery regarding fuel pricing.
This announcement comes as expectations rise among the public for government action to lower fuel prices.
Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, addressed the media in Abuja to clarify the government’s position.
He stated that the petroleum market has been deregulated, allowing both NNPCL and Dangote Refinery to set their prices freely.
“The PMS price regime has been deregulated,” Onanuga explained. “Dangote is a private company. NNPCL is a limited liability company. Whatever controversy both of them are having is their own problem.”
The controversy began when NNPCL claimed that Dangote Refinery was selling petrol to them at N898 per litre.
In response, Dangote Refinery argued that this figure was misleading.
The refinery insisted that they sold petrol to NNPCL at a price lower than that of imported fuel.
Aliko Dangote, the CEO of Dangote Refinery, added that the removal of fuel subsidies is a decision that rests solely with the government.
Currently, the lowest pump price for petrol is reported to be N895 per litre.
This price has raised concerns among many Nigerians who are already feeling the pressure of rising living costs.
The government’s decision to allow market forces to dictate prices is part of its broader strategy for the oil sector.
By stepping back, the government hopes to encourage competition among fuel suppliers.
Onanuga emphasized that allowing the private sector to set prices could lead to better options for consumers.
“You can see that the private marketers have said that they find the NNPC or Dangote price too much for them,” he said. “They may resort to importing fuel.”
The implication here is that if NNPCL’s prices are too high, other market players can bring in fuel and sell it at competitive rates.
