In a shocking revelation, Aliko Dangote has accused the Nigerian National Petroleum Company Limited (NNPCL) of manipulating fuel prices by inflating costs through added profits and expenses. This bold claim has sent ripples through the oil industry and ignited conversations about transparency in fuel pricing.
Dangote stated that Nigerians are currently purchasing fuel at prices lower than those in Saudi Arabia, emphasizing that the government must eliminate fuel subsidies. He urged NNPC to be honest about its pricing strategies, as they have allegedly misled the public regarding the true costs of fuel.
On September 15, NNPC reportedly acquired 650,000 barrels from Dangote’s refinery at a competitive price but still imported an additional 800,000 barrels at a significantly higher cost—approximately 20% more. Despite these discrepancies, NNPC announced inflated prices to consumers, raising eyebrows across the nation.
Furthermore, Dangote highlighted that NNPC suffered major losses in their refinery deal when they reduced their stake from 20% to just 7.2%. He criticized their lack of understanding of the deal and their subsequent withdrawal after initial negotiations.
The controversy deepened following an earlier announcement by the Nigerian Midstream and Downstream Regulatory Authority (NMDRPA) claiming an agreement with Dangote, which led to a spike in fuel prices. However, Dangote later denied any such agreement, further complicating the narrative.
As Nigerians grapple with rising fuel costs and unclear pricing structures, Dangote’s call for transparency in subsidy management resonates strongly. The public is left questioning why he remains tight-lipped about his selling price while challenging NNPC’s claims.
This unfolding drama highlights the urgent need for accountability within Nigeria’s oil sector as citizens demand clarity on fuel pricing and subsidies. Stay tuned as this story develops!
