The Federal Government has distanced itself from the ongoing dispute between the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery regarding petrol pricing. President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, clarified that since the deregulation of the petroleum market, both NNPC and Dangote, as private refiners and marketers, are free to set their own prices.
The controversy arose when NNPC claimed that Dangote Refinery sold petrol to them at N898 per litre, a price Dangote contested, stating it was lower than the cost of imported fuel. Onanuga emphasized that the government will not intervene, allowing market forces to dictate pricing.
He further explained that private marketers, dissatisfied with NNPC or Dangote’s prices, are free to import fuel and sell it at a price they find reasonable and profitable. Onanuga reiterated that Dangote, as a private company, operates independently of government decisions regarding fuel subsidy removal, which remains a government responsibility.
The lowest petrol pump price currently stands at N895 per litre, and the government encourages competition among marketers to ensure better pricing for consumers.
SOURCE: News Hub Creator