• Dangote Refinery accuses NMDPRA of allowing import of substandard petroleum products into Nigeria
• Mega refinery said that importers’ claims that they bought oil cheaper than its price are not true
• The facility announced that it compared its product with international market prices

Legit.ng’s Pascal Oparada covers technology, energy, stocks, investing and economy for more than ten years.

Dangote Refinery warns Nigerians over substandard imports oil The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) does not have laboratory facilities to detect them.

The mega refinery disclosed that international traders allegedly brought into the country these products that Nigerian vehicle owners use on a daily basis.

Marketers promise to reduce oil prices

A. previous report He noted that marketers say Dangote refinery sells oil at a higher cost than imported fuel.

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‘Price War’: Oil marketers adjust oil prices after Dangote’s statement

Marketers promised to import the products and sell them at cheaper than Dangote Refinery prices.

However, Dangote stated that the ex-depot gasoline prices were set at N990 per liter for sale to trucks and N960 for ships, adding that the fuel prices were competitive compared to international market prices.

refinery notification It was announced by the Group’s Head of Branding and Communications, Anthony Chiejine, in response to issues raised by marketers.

Dangote blames NMDPRA for poor quality products

Part of the statement is as follows:

“If someone claims they can sell PMS cheaper than we do, they are importing substandard products and collaborating with international traders to smuggle low-quality products into the country.”

Chiejine said that an international trading company has established an oil depot in the country. Nigeria Close to Dangote Refinery to reduce its high quality production by flooding the market with cheaper and inferior products.

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Dangote refinery raises alarm that international firm plans to produce substandard fuel

According to Chiejine, NMDPRA lacks the necessary laboratory facilities to detect substandard products being imported into Nigeria.

Marketers import fuel worth N833 billion

Meanwhile, Nigeria’s leading oil marketers have benefited from the removal of subsidies on the country’s petroleum products.

This change allowed marketers to operate in a more market-oriented environment and achieve greater financial returns.

Removing subsidies leads to increased profits for marketers

In the first nine months of 2024, four leading oil marketers reported huge revenue generation of about N1.3 trillion from the sale of petroleum products to Nigerians.

Despite huge fuel import costs, oil firms spent N833.86 billion import of petroleum products It increased gross profit from oil sales to N465.92 billion during the period.

The information is based on the firm’s nine-month financial statements on the Nigerian Stock Exchange Limited (NGX).

Oil companies include TotalEnergies Marketing Nigeria, MRS Oil Nigeria, Eterna Plc and Conoil Plc.

Also read

Dangote Refinery announces new oil prices, announces decision, NNPC influence

Marketers talk about Dangote oil price

Legit.ng had previously reported that oil products marketers had explained why they were unable to purchase oil from Dangote Refinery despite ample supply.

This development follows a recent alarm from the Dangote Group Chairman: Aliko DangoteFollowing the alleged boycott of its refinery by the Nigerian National Petroleum Corporation Limited (NNPC) and marketers.

The Nigerian billionaire said the persistent queues at many filling stations across the country were due to marketers and NNPC not patronizing his refinery.

Source: Legit.ng