The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that Dangote Refinery is wary of competition and wants a monopoly in the market, News About Nigeria reports.
PETROAN Publicity Secretary, Joseph Obele, disclosed this in a statement on Monday while reacting to the allegation by Dangote Refinery that marketers are planning to import substandard petroleum products into the country.
In response, PETROAN accused Dangote of using the allegation as a means to maintain a monopoly in the market. They argued that a lack of competition leads to exploitation and a proliferation of the market.
The association further maintained that imported petrol was cheaper than the N990 per litre price of Dangote petrol, adding that the Dangote Petroleum Refinery is inconsiderate for selling petrol at N990 per litre.
The statement reads in part, “Consumers get the best value for pricing when competition is at its peak; hence, competition should be encouraged. Contrary to competition, such a market will be exploitative and strictly for profiteering.
“The publication by Dangote Refinery that PETROAN will import substandard petroleum products is not surprising to stakeholders because such is his usual gimmick for maintaining a monopoly. This publication came after PETROAN and IPMAN announced plans to sell at far less than the current selling rate of PMS in Nigeria.
“It is important to set the record straight that PETROAN has never compared the price of Dangote PMS with any others, other than the fact that Dangote’s PMS price wasn’t known until this morning at the press release by Dangote Refinery.
“PETROAN has concluded plans with its foreign refinery counterparts and financial partners to import the best quality of PMS and sell it at far less than the present selling rate of PMS in Nigeria. We plan to enter the market before December 2024, pending the approval of our import permit license by the regulatory agency and access to foreign exchange from CBN at the official rate.
“The rate of N990, as announced by Dangote Refinery, is inconsiderate based on the fact that Dangote Refinery enjoyed massive concessions for accessing foreign exchange during the construction of the refinery.”
