On Monday, Aliko Dangote, the CEO of Dangote Refinery, spoke to Bloomberg TV in New York on the rising issues about fuel prices. According to Dangote, the refinery sold petrol to the Nigerian National Petroleum Corporation (NNPC) at a price that was cheaper than petrol imported by NNPC.
Dangote noted that when NNPC was buying petrol from the refinery, they also imported around 800,000 metric tonnes of petrol. The petrol imported was a lot more expensive than that sold by Dangote Refinery.
“What’s happening is not a disagreement, but a misunderstanding,” Dangote clarified. “NNPC bought from us again at the prevailing global price on September 15. When they, however, imported petrol, it was 15-20% more expensive than the one they bought from us.”
Dangote noted that the price given by NNPC of N898 per litre was not the price meant to be the actual price, as it likely includes profits and other costs. He urged transparency, suggesting NNPC announce the removal of subsidies and allow market adjustment.