In a statement issued on Monday, Dr. Joseph Obele, PETROAN’s National Public Relations Officer, emphasized that a competitive environment must be fostered in the deregulated market to benefit consumers. Obele also confirmed that the association has established a business unit aimed at bringing in petrol before December.
PETROAN responded to allegations made by Dangote Refinery, which accused the marketers of planning to import substandard petrol at reduced prices. The association dismissed these claims as unsubstantiated and consistent with Dangote’s usual attempts to maintain a monopoly.
Pinnacle Oil Denies Blending Substandard Petrol
Meanwhile, Pinnacle Oil and Gas Limited has rejected claims that it is involved in blending substandard petroleum products near the Dangote Refinery. The company refuted a statement by Dangote’s Group Chief Branding and Communications Officer, Anthony Chiejina, which accused an international trading company of using a depot facility near Dangote’s refinery to blend inferior petrol.
In response, Pinnacle’s CEO, Bob Dickerman, stated: “We do not engage in the blending of substandard products. Deregulated commodity markets thrive on competition, which ensures the best pricing and product quality. A free market that includes both local refineries and imports offers the best pricing options for consumers.”
PETROAN to Bring in High-Quality PMS at Competitive Prices
Obele reiterated that PETROAN planned imports would focus on high-quality PMS, sourced from reputable foreign refineries and sold at prices well below the current rates in Nigeria.
He further stressed the importance of fostering competition, stating: Intensive competition in any market drives down prices and benefits consumers. Without competition, the market becomes exploitative and geared solely towards profiteering.
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Dangote’s Monopoly Claims Dismissed by PETROAN
PETROAN also rejected the suggestion that its actions were detrimental to Nigeria’s domestic refining industry. The association accused Dangote Refinery of using the substandard product claims to maintain its dominant market position. Obele stated, It’s no surprise that Dangote has made these allegations such tactics are typical of efforts to preserve monopoly control.
Pinnacle Advocates for a Free and Open Market
Pinnacle Oil, in its statement, reiterated its stance on market regulation. CEO Bob Dickerman emphasized that a competitive market, including both domestic and imported products, would establish fair and sustainable pricing. He also underscored that all products in Nigeria must meet the country’s quality specifications and that all industry players should adhere to responsible practices.
Ensuring Fair Competition in Nigeria’s Fuel Market
Both PETROAN and Pinnacle Oil have made clear their commitment to providing high quality petrol at competitive prices, and they remain firm in their belief that fostering competition will ultimately benefit consumers and help stabilize the Nigerian fuel market.
