Newscenter Media News The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has vehemently criticized Dangote Refinery’s pricing strategy, accusing the company of trying to stifle competition in the downstream sector.
This development follows Dangote Refinery’s claim that marketers were objecting to its petrol pricing because they want to import substandard products at cheaper rates.
In a statement signed on Monday by its spokesperson, Joseph Obele, PETROAN described Dangote’s accusation as a “gimmick for maintaining monopoly.” Obele emphasized that consumers benefit from competition, which drives prices down and ensures quality products.
“Dangote’s publication was not a surprise, as it’s their usual tactic to maintain monopoly,” Obele stated. “We have concluded plans with foreign refinery counterparts and financial partners to import high-quality PMS and sell it at a lower rate than the current selling rate in Nigeria.”
READ ALSO: NSCDC arrests NNPCL truck driver for diverting 10,000 litres fuel
PETROAN maintained that its plans to import petroleum products were not comparing prices with Dangote but rather focused on providing affordable, quality products to consumers.
“Dangote Refinery enjoyed massive concessions for accessing foreign exchange during construction, yet they’re setting prices based on international selling rates,” Obele noted. “This shouldn’t be the case; pricing should consider cost of production plus a fair margin.”
The association also cautioned against Dangote’s alleged attempts to push other marketers out of the market, citing allegations of inferior products and plans for a PMS blending plant in Lagos as strategies to achieve monopoly.
“We advise that the Port Harcourt and Warri Refinery plants, after rehabilitation, should be privatized and handed over to reputable firms with technical capability, managerial skills, and financial strength, in partnership with PETROAN and other stakeholders,” Obele recommended.
The post FUEL PRICE WAR: Retail outlet owners take on Dangote Refinery over ‘exploitative’ pricing appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.