Billionaire industrialist, and Chief Executive Officer (CEO) of the Dangote Refinery and Petrochemical Plants, Aliko Dangote has disclosed that the refinery sold Premium Motor Spirit (PMS) popularly known as petrol to the Nigerian National Petroleum Company (NNPC Ltd) at 20% cheaper that what the state oil company paid for imported product.

This is coming on the heels of ongoing opacity regarding the pricing of Premium Motor Spirit (PMS) popularly known as petrol between the Dangote Refinery and the state oil company.

Naomisophyblog reports that Dangote Refinery and NNPCL have been embroiled in a spat regarding the price paid by NNPC Ltd for the product from the 650k barrel per day refinery.

While the state oil company claimed it bought at N898/liter, Anthony Chiejina, Group Chief Branding and Communications Officer of the conglomerate described it as misleading and mischievous’.

Reacting to this in an interview on Bloomberg TV, Dangote said that during the time NNPC bought from them, the national oil company also imported about 800,000 metric tonnes of petrol into the country.Read more

READ ALSO:Fuel marketers query NNPC’s pricing of Dangote Refinery petrol

He clarified that the refinery’s petrol was sold to NNPC Ltd at a price lower than what the national oil company imported.

“What’s going on is not really a disagreement per se. NNPC bought from us this particular one on the 15 of September at the international price. They also bought over 800,000 metric tonnes of gasoline imported.

“The ones they bought from us was actually cheaper than the one they imported. So when they announced our price, it wasn’t really the real price. What they announced was likely what it cost them including profits, and other things. Meanwhile, they’ve never added profit to their cost before.

“And then, the other one is what they imported but the people don’t know how much they spend for importing. But their own importation was about fifteen to 20 percent more expensive than ours. What they first do is to sell at a basket price. If they want to remove subsidy, they can announce that they’ve removed subsidy. Everybody will adjust,” he said.

By: Babajide Okeowo

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