Pinnacle Oil and Gas Limited has received advice from Dangote Petroleum Refinery and Petrochemicals that deregulation shouldn’t be used as an excuse to import petroleum products that aren’t on the market or to compromise national interests.

The refinery responded to comments made by Pinnacle Oil and Gas Limited CEO Robert Dickerman over the importation and mixing of petroleum products, which he characterised as part of a “deregulated commodity market.”

It asserted that Dickerman’s defence of a deregulated market could not overshadow the grave consequences of his behaviour, which it said jeopardised not just the integrity of Nigeria’s energy industry but also the well-being of its people.

Dangote reiterated its support for industrialisation and deregulation, but underlined that this support was based on a dedication to the nation’s economic sustainability and the defence of its citizens from exploitation.

“The Dangote Petroleum Refinery and Petrochemicals Company has long been an advocate for deregulation and industrialisation in Nigeria, but our support is rooted in a commitment to the sustainable growth of the country’s economy and the protection of its people from any exploitation,” the company stated, emphasising that the health and safety of Nigerians should never be compromised in the pursuit of profit.

In contrast to Dickerman’s perspective, deregulation shouldn’t be used as an excuse to subvert national interests or import and distribute off-spec goods.

Dickerman should be fully aware of how his own nation safeguards its industry, the firm added.

In order to emphasise the argument, it cited a number of recent American examples, such as the recent opposition by US President Joe Biden to the sale of American steel to Japan’s Nippon.

As an illustration of protectionism that puts the interests of the national economy ahead of immediate financial gain, Dangote emphasised the need of preserving robust American steel businesses that are backed by American workers.

In a similar vein, it claimed that due to national security concerns, the United States had taken steps to limit the use of cranes manufactured in China in its ports.

The corporation claims that as part of its efforts to support homegrown sectors, the U.S. has also placed a 50% levy on medical equipment imported from China and a 100% tariff on electric automobiles.

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Additionally, during his administration, George W. Bush applied taxes to a variety of Chinese imports that were deemed to have unfair prices by using anti-dumping regulations.

Dickerman’s support for the importation and mixing of petroleum products into Nigeria on the grounds of deregulation and a free market is therefore puzzling, given his extensive experience in the American market.

In reality, he had dishonestly come to us and begged us to build a pipeline from our refinery to Pinnacle’s tank farms so that we could combine our premium goods with their imported goods and sell them to Nigerians.

Since it would be a breach of the trust of the Nigerian people, we vehemently denied his proposal to expand our pipeline to their tank farms for such nefarious objectives. Nigerians’ health and safety cannot and should not be sacrificed for financial gain. Dangote said.

The business also questioned the strategic motive of Pinnacle Oil’s choice to lease its tank farms to a company that had no retail locations in Nigeria, especially considering that the farms were only 500 meters from Dangote’s refinery.

It compared the fate of refineries in Port Harcourt, Kaduna, and Warri to the concerted attempts to destroy the Dangote Refinery and stated its vigilance.

Dangote Petroleum Refinery urged local companies, patriotic Nigerians, and the government to continue to stand firm in support of the nation’s economic independence and sovereignty.

We must decide whether to support industrialisation or let Nigeria continue to export jobs and serve as a dumping ground for subpar goods.

“”Nigeria has been dependent on imported goods for almost thirty years as a result of cartels and their allies undermining attempts to increase the country’s refining capability.

“The moment has arrived to put an end to this cycle of exploitation and guarantee that Nigeria’s energy sector serves the interests of its citizens,” it continued.

Dangote reiterated its commitment to supporting laws and policies that safeguard both industries and the welfare of all Nigerians, reaffirming that it believes a robust and independent energy sector is essential to the country’s economic development.

At Dangote Petroleum Refinery, we’re dedicated to making sure Nigeria produces its own petroleum and we embrace competition that spurs quality and innovation.But neither the wilful devastation of our national economy nor the ongoing importation and mixing of petroleum products will be tolerated.

“”We think that Nigeria’s economic development depends on having a robust, independent energy sector, and we will keep pushing for laws and procedures that safeguard our sectors and the welfare of all Nigerians.

As stated by NNPCL Group Chief Executive Officer Mele Kyari, we look forward to the Kaduna, Warri, and Port Harcourt refineries coming on line by the end of this year. In addition to putting an end to any unfounded monopoly allegations, this milestone would establish Nigeria as Africa’s petroleum product refining powerhouse, the business said.