By Elias Abayomi Adagunduro
Dangote Group on Sunday heavily criticized IPMAN, PETROAN, and other domestic PMS marketing associations to stop misinforming the public that they can import PMS at lower prices than what is being sold by the Dangote Refinery.
Newsconnect reports that in a press release signed by Dangote Group Chief branding and Communication Officer Anthony Chiejina, the statement posited that If anyone claims they can land PMS at a price cheaper than what they are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Below is the full statement of the press release by Dangote Group to clarify grey areas on the issue.
“We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports.
If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks.
This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production. This is detrimental to the growth of domestic refining in Nigeria.
We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy.
For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.”