Aliko Dangote’s recent fuel price comments raise critical concerns about the transparency of the Nigerian National Petroleum Company Limited (NNPCL) in its petrol pricing.
Development Diaries reports that the owner of the Dangote Refinery, in a recent interview, revealed that fuel lifted from his refinery was priced 15 percent lower than the fuel NNPCL imports.
Recall that NNPCL had earlier announced that the Dangote Refinery sold petrol to them at N898 per litre after the first batch of offtake from the facility.
This discrepancy highlights a lack of clarity in NNPCL’s fuel pricing, raising questions about how the company calculates and communicates these costs to citizens.
Given the current economic climate, such secrecy threatens public trust, especially when citizens are already grappling with inflation and high fuel prices.
The Petroleum Industry Act (PIA), specifically under chapter three, mandates transparency in the operations of NNPCL, yet the current scenario paints a picture of public deception.
NNPCL is undermining its obligations under the PIA by failing to provide clear and transparent explanations for its pricing.
This issue becomes even more troubling considering that citizens, who directly bear the cost of these price fluctuations, deserve accurate information about how fuel prices are determined and what factors are responsible for the high cost of fuel.
Citizens must take an active stance, holding NNPCL accountable for its lack of transparency.
The company’s non-compliance with the PIA not only violates the law but also erodes public confidence in the government’s handling of the petroleum sector.
Nigerians need to demand full disclosure from NNPCL on how it arrives at its fuel pricing structure, ensuring that the public can independently verify these figures.
Failure to do so would allow the government to continue making decisions that negatively impact citizens’ lives without proper checks.
In addition, the delay in reviving government-owned refineries continues to be a matter of serious concern. Despite numerous promises, Nigeria still depends heavily on imported petroleum, with no significant progress on bringing local refineries online.
Recall that the Group Chief Executive Officer of the NNPCL, Mele Kyari, in July 2024, stated that the refineries in Warri and Kaduna will start delivering refined petroleum products by December 2024, and that the refinery in Port Harcourt would start doing so in August. He also affirmed that the NPCL was not deceiving the public.
The continuous dependency on imported petroleum further inflates fuel prices due to the associated importation costs, which could have been significantly reduced if refineries were functional.
Development Diaries calls on citizens to demand greater accountability from both NNPCL and the government. It is unacceptable for the public to endure high fuel costs while transparency remains elusive and local refineries remain non-functional.
Photo source: NNPC Group
