From Our Energy Correspondent
The Nigerian National Petroleum Company Limited (NNPCL) has announced that there is no assurance of a reduction in fuel prices as it prepares to commence lifting petrol from the Dangote Refinery on September 15.
This statement comes in the wake of growing public speculation that the local refining of petroleum products would lead to lower pump prices.
In an official release on Saturday, NNPCL's Chief Corporate Communications Officer, Olufemi Soneye, explained that the pricing of petroleum products, whether from the Dangote Refinery or any other, is determined by global market dynamics. Soneye stressed that local refining does not automatically translate into lower fuel prices.
"The pricing of petroleum products from any refinery, including the Dangote Refinery Ltd, is influenced by global market forces," he noted, addressing the rising expectations among Nigerians.
This clarification comes in response to concerns raised by the Muslim Rights Concern (MURIC), which alleged that NNPCL's actions could limit the ability of the Dangote Refinery to offer competitive prices. MURIC suggested that recent changes in the pump price of Premium Motor Spirit (PMS) would hinder price reductions at the refinery.
Dismissing these claims, NNPCL reiterated that it does not have exclusive control over the refinery's output and that market forces will continue to shape the pricing structure.
