The President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, has clarified that Dangote Refinery is not responsible for determining the pump price of Premium Motor Spirit (PMS) in Nigeria. His statement comes amid public confusion over the recent hike in petrol prices to between N855 and N897 per litre, coinciding with the commencement of petrol rollout by the Dangote Refinery.
In an interview on Channels Television on Thursday, Idahosa emphasized that the responsibility of setting petrol prices lies with the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers, not the refinery.
“Dangote Refinery is a factory, and like any factory, it has an ex-factory price for its products. However, it does not own petrol stations and is not involved in retail pricing. The retail price is determined by NNPCL and other marketers,” Idahosa said during the interview.
He further clarified that Dangote Refinery’s role is limited to selling its products to buyers, which can include NNPCL or other interested parties. “Dangote has no business announcing prices at filling stations. It only communicates its ex-factory price to buyers,” Idahosa added, urging the public to stop attributing fuel price hikes to the refinery.
This clarification follows the recent statement by Aliko Dangote, the President of Dangote Group, during the refinery’s petrol rollout announcement, where he noted that the final price of the product would be determined by Nigeria’s Federal Executive Council.
