Business
Dangote Group Defends Quality and Pricing Despite Misinformation from IPMAN and PETROAN
The Dangote Group has recently addressed the misinformation spread by the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Tanker Owners Association of Nigeria (PETROAN), and other groups regarding the pricing of Premium Motor Spirit (PMS).
In a statement shared on their X handle, the company expressed their commitment to providing affordable, high-quality, domestically refined petroleum products while countering claims made by these associations.
Both IPMAN and PETROAN assert that they can import PMS at prices lower than those set by the Dangote Refinery.
However, the Dangote Group emphasized that their pricing benchmarks are aligned with international market rates, asserting that their prices remain competitive.
They cautioned that any claims of cheaper imported PMS should be viewed with skepticism, suggesting that such imports might be of substandard quality.
The group accused certain traders of colluding to bring in low-quality products, raising concerns about the health implications for consumers and the potential damage to vehicles in Nigeria.
In the context of the deregulated market, the Dangote Group pointed out that the Nigerian National Petroleum Corporation (NNPC) had established a price benchmark by selling PMS to domestic marketers at N971 per litre for shipments and N990 for trucks.
The Dangote Group has gone even further, selling PMS at N960 per litre for shipments while maintaining the price of N990 for truck sales.
They noted that these pricing decisions were made without full clarity on the exchange rates for crude oil purchases, indicating a commitment to transparency and fair pricing.
The statement also highlighted the troubling emergence of an international trading company that has recently set up operations next to the Dangote Refinery.
This company reportedly intends to blend substandard petroleum products, which could undermine the integrity of the domestic market.
The Dangote Group expressed concern that such actions would harm the growth of local refining capabilities in Nigeria.
The group’s stance aligns with practices observed in other countries where governments take steps to protect domestic industries.
For instance, the United States and European nations have imposed tariffs on electric vehicles and microchips to safeguard their local markets and encourage job growth.
By emphasizing the need for a robust domestic refining industry, the Dangote Group advocates for economic stability and job creation in Nigeria.
In conclusion, the Dangote Group has called on the public to disregard the misinformation spread by those who prefer to perpetuate a cycle of job exportation and poverty importation.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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