Dangote Challenges NNPC on Fuel Pricing, Says Refinery Supplies Cheaper than Imports

Chairman of Dangote Group, Aliko Dangote, has called out the Nigerian National Petroleum Company Limited (NNPCL) for misleading the public about the price of fuel sourced from his refinery.

Dangote revealed that the fuel lifted from his refinery on September 15th was priced 15% lower than the fuel NNPCL imports from foreign suppliers.

The billionaire explained that the price set by NNPCL was inflated due to the high costs associated with fuel imports, which lacked transparency.

He stated, “The NNPC purchased fuel from us on the 15th of September at international prices, but it was still cheaper than the 800,000 metric tons of gasoline they imported. When the NNPC announced our price, it wasn’t the actual figure. The imported fuel they sell is nearly 15% to 20% more expensive than what they buy from us.”

Dangote further suggested that NNPCL might be using a ‘basket price’ approach, combining local and imported fuel costs, or preparing to eliminate fuel subsidies altogether. He added, “If they want to remove the subsidy, they can announce it, and the market will adjust accordingly.”