The Nigerian Presidency has shed light on why it won’t step into the ongoing price dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, explaining that both enterprises are private and operate independently within a deregulated market.
In a statement released on Friday by the Special Assistant to the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, the Presidency reiterated the minister’s stance that pricing in the petroleum sector is not government-controlled. Lokpobiri had earlier mentioned that petrol prices across the country might vary depending on location but assured Nigerians that prices would stabilize once product availability increases.
Lokpobiri emphasized that the sector’s deregulated status means the government is not involved in fixing fuel prices. “What is important is that the government is not fixing prices. This sector is deregulated. With product availability, the price will find its level,” he explained.
The Presidency’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, echoed this view, stating that both NNPCL and Dangote Refinery function independently, even though NNPCL is government-owned. According to Onanuga, the Petroleum Industry Act grants NNPCL autonomy, allowing it to set its prices just like any other private company.
Addressing concerns over rising fuel costs, Onanuga noted that the government is focusing on promoting alternative energy solutions, particularly Compressed Natural Gas (CNG), which offers a cheaper and more sustainable option. CNG is expected to cost around N230 per litre equivalent, significantly lower than the current petrol price of approximately N850 per litre.
While the NNPCL-Dangote price dispute continues, the government remains committed to fostering a competitive market, giving consumers the freedom to choose more affordable energy options.
For More Updates, join our WhatsApp Group and Telegram Channel
