Dangote Refinery’s pricing secrecy
The recent controversy surrounding Dangote Refinery’s decision to withhold its Premium Motor Spirit (PMS) pricing from the public has triggered frustration and suspicion among Nigerians. With fuel prices reaching alarming levels across the country, Nigerians have demanded transparency, yet Dangote Group has refrained from disclosing its fuel price. This has raised questions about the company’s motives and the impact its secrecy could have on the already burdened Nigerian market.
The uproar began when Yakubu Suleiman, National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, claimed in an interview with Arise Television that Dangote’s PMS was being sold at a price higher than alternative sources, with estimates ranging from N1,028 to N1,115 per litre. Dangote Group quickly responded on social media, calling these claims “fake news” without providing any specific pricing information to counter them. This response has only heightened public curiosity and discontent, as many argue that if the claims are untrue, the company should provide its own pricing to dispel misinformation and alleviate concerns.
Nigerians on social media platform X have voiced strong reactions, demanding that Dangote Refinery reveal its pricing structure to prevent further speculation. Critics argue that transparency is essential, especially as Nigeria’s struggling economy continues to bear the brunt of rising fuel costs. Many believe that a clear, public price from Dangote Refinery would allow Nigerians to assess whether local fuel production truly benefits the country or whether the refinery is merely capitalizing on the current crisis. Users have highlighted that, as a prominent player in the energy sector, Dangote has an obligation to be open about its pricing to foster trust and competition in the market. Without this transparency, some fear that the refinery might be attempting to establish dominance by withholding critical information from the public, leading to inflated prices and limited choices for consumers.
Dangote’s secrecy contrasts starkly with the high hopes placed on the refinery when it began operations. Upon lifting the first batch of petrol in September 2024, it was expected that Dangote Refinery would mitigate the volatility in fuel prices by reducing the need for imported petroleum products. Yet, with prices now ranging between N1,025 and N1,300 per litre, Nigerians are left questioning whether the refinery’s operations truly align with their interests. The Nigerian National Petroleum Company Limited had disclosed that it procured fuel from Dangote at N898 per litre, a figure Dangote denied without clarifying its actual price. This ambiguity has fueled speculation, with many Nigerians questioning why Dangote refuses to confirm its pricing. If the refinery genuinely produces fuel at a competitive rate, a transparent pricing announcement could attract local buyers, reduce import dependence, and potentially alleviate the ongoing fuel price crisis.
Dangote Refinery’s reluctance to be forthright about its prices creates an impression of market manipulation, as Nigerians wonder if there are hidden factors influencing its decision. The refinery’s non-disclosure stirs concerns that the Nigerian public, already enduring severe economic hardship, might be deprived of affordable fuel despite the existence of a local production source. Many suspect that the secrecy surrounding its prices may be a strategy to keep prices high under the guise of market forces, all while securing a substantial share of the market with minimal accountability.
In an economy where Nigerians are pressed with rising costs and inflation, fuel pricing remains a sensitive issue. Dangote Refinery, as one of the nation’s largest petroleum producers, wields significant influence over the fuel market. By withholding its price information, it risks eroding public trust and inciting greater disillusionment. Ultimately, Nigerians are not merely asking for fuel—they are asking for fairness, transparency, and accountability. At a time when the economy struggles and the average citizen bears the weight of soaring costs, Dangote’s transparency could mark a pivotal step toward genuine competition and stability in Nigeria’s energy sector.
Reference
Nigerians slam Dangote refinery over fuel price secrecy