In response to recent accusations by the Muslim Rights Concern (MURIC), the Nigerian National Petroleum Company Limited (NNPCL) has issued a statement clarifying that the latest adjustments in petroleum prices are purely reflective of global market dynamics. The state-owned oil company stressed that the price changes are not an attempt to monopolize the country’s supply chain, as alleged by MURIC.
In its statement, NNPCL explained that the pricing of petroleum products is driven by international crude oil prices, exchange rates, and other market factors. As part of Nigeria’s transition to a deregulated market, the company emphasized that domestic fuel prices will naturally align with global trends, ensuring efficiency and sustainability in the sector.
NNPCL dismissed claims by MURIC that it was pressuring Dangote Refinery to conform to a pricing scheme that would benefit NNPCL at the expense of other suppliers. The company firmly stated that it has no authority or intention to compel Dangote Refinery—or any other private entity—to sell petroleum products at a specific price. NNPCL reiterated that Dangote Refinery, like other players in the industry, operates independently within the free market system, setting prices based on its cost structure and market conditions.
“These allegations are baseless,” the NNPCL spokesperson said, “NNPCL is committed to fostering a competitive and transparent market for petroleum products. The idea that we are imposing prices on any refinery is not only false but also misrepresents the principles of the deregulation policy that our nation has embraced.”
The company reassured Nigerians that its role in the petroleum supply chain is focused on ensuring energy security and fair pricing in line with global standards. NNPCL continues to partner with other oil companies, including Dangote Refinery, to maintain stable supply channels and promote competition, which, in turn, benefits the Nigerian economy.
NNPCL concluded its statement by urging stakeholders, including civil society groups like MURIC, to engage in dialogue and fact-based discussions rather than disseminating unfounded claims, which could cause unnecessary confusion among the public.