Oil Marketers allege Dangote attempting to monopolise Nigeria’s oil market

Oil marketers, represented by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have criticised Aliko Dangote, the President of the Dangote Group, for his attempts to monopolize Nigeria’s oil sector.
They allege that he is actively working to hinder competition in the industry to maintain control.
In a statement signed by Dr. Joseph Obele, the national public relations officer for PETROAN, the organisation urged the Federal Government to prevent and dismantle any monopolistic practices in the downstream sector.
They emphasized that fostering competition is essential for reducing the current selling price of Premium Motor Spirit (PMS). PETROAN expressed its commitment to supporting the Federal Government in promoting a competitive market.
The statement, titled “Dangote’s PMS Price Announcement Was Unexpected; PETROAN Will Offer Lower Prices When Given Import License by NMDPRA,” praised President Bola Tinubu’s reformative and transformational initiatives in the oil sector.
These reforms, according to PETROAN, have put those who advocate for a monopolistic market on notice.
Dr. Obele explained that the President’s interventions aim to liberalize the downstream sector by creating an inclusive market. He stated that robust competition leads to the best value for consumers when purchasing commodities, ultimately resulting in better pricing for the public.
PETROAN has also initiated plans with international refinery partners and financial institutions to import high-quality PMS at prices lower than the current market rate in Nigeria.
According to Dr. Obele, Dangote has been unsettled by these developments, noting that his recent publication coincided with announcements from PETROAN and the Independent Petroleum Marketers Association of Nigeria (IPMAN) about their plans to offer PMS at lower prices.

source: tribuneonline.com

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