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•Marketers back NMDPRA, reject private price fixing
By Adewale Sanyaolu
Consumers yesterday expressed dismay as MRS filling stations failed to implement the N739 per litre pump price announced on Sunday by the President of Dangote Industries Limited, Alhaji Aliko Dangote, despite assurances that the new rate would take effect from Tuesday (yesterday).
Findings by Daily Sun across some MRS filling stations in Abule Egba, Agege and Ikeja showed that petrol was still selling at N835 per litre. At other filling stations operated by major and independent marketers, prices ranged between N875 and N885 per litre. Old prices were also sold in other states across the country.
Dangote had assured that petrol prices would fall further and would sell at no more than N740 per litre from Tuesday, beginning in Lagos, following his refinery’s reduction of the gantry price to N699 per litre.
He added that MRS filling stations would be the first to reflect the new pricing.
Expressing concern over the state of the downstream sector, Dangote said Nigeria’s continued reliance on fuel imports was harming local production and discouraging investment in domestic refining.
Meanwhile, the rift between Dangote and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has deepened with Dangote exposing several atrocities he allegedly committed in paid newspaper adverts.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) passed a vote of confidence on the Authority Chief Executive, Ahmed, citing the innovative reforms, strategic governance and regulatory clarity introduced by the agency.
In a statement, PETROAN’s National Public Relations Officer, Mr. Joseph Obele, called on President Bola Tinubu to urgently intervene to resolve the ongoing cold trade war in the downstream petroleum sector.
Dangote, while calling for NMDPRA CEO’s head, alleged that his arbitrary issuance of fuel import licences was destroying Nigeria’s economy. He also called for an investigation into the activities of Ahmed, alleging that his actions threaten to undermine the progress recorded in Nigeria’s oil and gas sector.
However, the National President of PETROAN, Mr. Billy Gillis-Harry, warned that the allegations and verbal attacks directed at the leadership of NMDPRA were capable of discouraging foreign investors and eroding confidence in Nigeria’s regulatory institutions.
PETROAN further condemned the announcement or pronouncement of petroleum product prices by any individual, corporate body or agency, noting that such actions are contrary to the provisions of the Petroleum Industry Act (PIA) 2021.
The association stressed that the Act clearly provides that petroleum product prices in the downstream sector should be determined by market forces and competitive commercial engagement.
Section 205(1) of the PIA, PETROAN noted, states that wholesale and retail prices of petroleum products shall be based on unrestricted free market conditions, subject only to limited regulatory oversight and protection against monopolistic practices.
At its Emergency Ordinary National General Meeting held on Monday in Abuja, PETROAN said it reaffirmed its vote of confidence in the leadership of NMDPRA, noting that the regulator’s interventions have improved operational efficiency, transparency and healthy competition within the industry.
The association added that persistent public attacks on Nigeria’s national refineries were troubling, stressing that the country’s four refineries remain business-worthy and attractive to investors. PETROAN warned that unresolved disputes involving NUPENG and PENGASSAN in relation to the Dangote Refinery, if not resolved promptly, could trigger supply disruptions, artificial scarcity, job losses, investor uncertainty and unhealthy price manipulation, with negative implications for the wider economy.
