FG won’t intervene in Petrol price dispute between NNPCL, Dangote – Presidency
By Kunle Sanni
The Federal Government has stated that it will not intervene in the ongoing dispute over petrol pricing between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, affirming that both entities are free to set their own market prices for consumers.
The stance was disclosed by Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, during a briefing in Abuja on Wednesday.
In his address, Onanuga emphasized that with the full deregulation of the petroleum market, the government no longer intervenes in pricing, allowing oil refiners and marketers, including Dangote Refinery and NNPCL, to operate based on market dynamics.
According to him, this competitive environment will ultimately benefit Nigerian consumers by encouraging price competition, which is likely to lead to lower costs for petrol, also known as Premium Motor Spirit (PMS).
He further stressed that market forces will now dictate pricing in the sector, fostering greater efficiency and offering consumers more options.
Onanuga stated: “The PMS price regime has been deregulated. Dangote is a private company, and NNPC is a limited liability company. Whatever controversy both of them are having is their own problem. Even under the terms of the Petroleum Industry Act, NNPC operates independently, despite being owned by the federal government, state governments, and local councils.
“You can see that private marketers have said they find the NNPC or Dangote price too high for them, and they may resort to importing fuel.
“It is the consumers who benefit if a price war starts. If NNPC’s fuel is too expensive, the public market can import their own fuel and sell it at a price they find reasonable and profitable.
“So, the government is not intervening in this controversy. Dangote is running a private company on his own, and NNPC, as a limited liability company, has the right to set the price of its own products.”
