The Nigerian National Petroleum Company Limited (NNPC Ltd) has rebutted recent allegations that it is responsible for the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol.
In a statement released on Saturday, NNPC Ltd clarified that the pricing of petroleum products, including those from the Dangote Refinery Ltd (DRL), is dictated by global market forces rather than any single company’s actions.
The response comes in reaction to claims by the Muslim Rights Concern (MURIC), which alleged that the NNPC Ltd is attempting to monopolize the offtake from the Dangote Refinery and that this is contributing to higher petrol prices.
NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, stated that such claims are unfounded.
According to NNPC Ltd, the current market prices of PMS do not hinder DRL or any other domestic refinery from accessing the Nigerian market. Instead, the company noted, higher prices could actually present an opportunity for DRL to offer competitive pricing.
The NNPC Ltd emphasized that pricing is subject to global market conditions and that there are no guarantees of lower prices solely due to domestic refining. They further asserted that they do not intend to monopolize distribution and that the market remains open, with refineries free to sell to any marketer under a “willing buyer, willing seller” basis.
NNPC Ltd called on advocacy groups like MURIC to verify facts before making public statements, suggesting that inaccuracies could incite unnecessary public dissatisfaction.
