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The Nigerian National Petroleum Company Limited (NNPC) has made it clear that there is no guarantee of lower petrol prices, even with the domestic refining of products at the Dangote Refinery, which just embarked on production.
This announcement came in response to growing expectations from Nigerians hoping for relief from rising fuel costs in the nation.
According to the NNPC, global market forces, not domestic refining, determine the pricing of Premium Motor Spirit (PMS), popularly known as petrol, to the citizens.
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In a statement addressing rumors of monopolization, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized,
“The pricing of petroleum products from any refinery, including Dangote Refinery Ltd.,
is determined by global market forces.”
He further noted that while there were hopes for reduced prices due to domestic refining, the market remains driven by international standards, currently leaving little room for immediate price reduction.
This revelation has disappointed many Nigerians who anticipated lower prices with the commencement of operations at the new Dangote Refinery.
The NNPC, however, reiterated that
“There is no guarantee of lower prices associated with domestic refining compared to any global parity pricing framework.”
signaling that citizens may have to brace up for continued high costs in the foreseeable future of fuel increment.
