- PETROAN to import premium motor spirit (petrol) before December.
- Imported petrol will be cheaper than current market rate.
- PETROAN disputes Dangote Refinery’s claims of importing substandard products.
Dangote Refinery’s Allegations
- Dangote Refinery alleges PETROAN plans to import substandard petrol
- Claims PETROAN’s actions will harm domestic refining in Nigeria.
Pinnacle Oil and Gas Limited’s Response
- Denies blending substandard petroleum products.
- Emphasizes commitment to responsible business practices and regulatory adherence.
Industry Implications
- Competition in Nigeria’s petroleum market may lead to lower prices.
- Debate surrounding domestic refining and importation continues.
- Regulatory oversight crucial to ensuring product quality and industry standards.
PETROAN Insists Imported Petrol Will Be Cheaper Than Current Rate
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has reaffirmed its commitment to importing premium motor spirit (petrol) at a price lower than the current market rate. This comes amidst allegations by Dangote Refinery that PETROAN plans to import substandard products.
Key Highlights:
• PETROAN to import high-quality petrol before December
• Price expected to be lower than current market rate
• Dangote Refinery alleges PETROAN plans to import substandard products
• Pinnacle Oil and Gas Limited denies blending substandard petroleum products
• PETROAN disputes Dangote’s claims, citing competition benefits
PETROAN’s chairman, Obele, emphasized the importance of competition in the market, stating that it brings the best value for money and benefits consumers. He also assured that PETROAN’s imported petrol will meet Nigerian specifications.
In response to Dangote’s allegations, Pinnacle Oil and Gas Limited’s CEO, Bob Dickerman, stressed the company’s commitment to responsible business practices and adherence to regulatory standards.
The development highlights the ongoing debate surrounding Nigeria’s petroleum industry, with various stakeholders vying for market share and influence.
