The Dangote Petroleum Refinery has provided explanations for why it was unable to set its own fuel prices.

In a statement released on Thursday, Anthony Chiejina, Group Chief Branding and Communications Officer, stated that Dangote is unable to set, fix, or influence the product price because the PMS market is heavily controlled, as is well known to all oil marketers and industry participants.

He also denounced the news that the Dangote Group had set the price of its refined Premium Motor Spirit (PMS), also referred to as fuel, at N897 a litre, as reported by an online site (Not Vanguard).

He mentioned that NNPCL, the Nigerian National Petroleum Corporation, has not yet lifted its product.

The following is the statement that was released: “On September 4, 2024, a news article titled “NNPC raises Dangote Petrol, sells at N897 per litre” was published in a publication other than Vanguard.

We would want to clarify that our Dangote Petroleum Refinery is not yet the source of refined Premium Motor Spirit (PMS), also referred to as petrol, lifted by NNPC.

Since we have not yet finalised our contract with NNPC, the problem of fixing the price of petrol taken from our refinery does not arise.

All oil marketers and industry participants are aware of the tight regulations governing the PMS market, thus we are unable to set, control, or affect the product price, which is the responsibility of the appropriate government agencies.

“We kindly request that the public ignore the headline, since it is deceptive and inaccurately conveys the genuine situation surrounding this issue.

“We pledge to provide Nigerians with petroleum products of the highest calibre, easily accessible throughout the nation.”