Following the official lifting of petroleum from the Dangote Refinery by the Nigerian National Petroleum Corporation Limited (NNPCL), oil and gas expert Jide Pratt says it is important that both organisations embrace transparency to prevent the pricing controversy that has accompanied the lifting of products.
On Newscentral TV’s Business Edge, Pratt said things might have been easier if “there was a joint press conference between the two parties who had sat down and spoken for a while.”
He emphasized that the NNPC has appropriately used the gasoline index and exchange rates to determine their pricing.
“If the Dangote refinery believes these figures are inaccurate, they should address any concerns about non-disclosure now.
“But at this stage, nothing is non-disclosing anymore. You must state two things. What price did we sell if it’s in cents? What exchange rates did we use? Because at this point, the only person who has provided a full guideline contrary to what I would have expected is the NNPC.”
Pratt said it was pertinent that the controversy be resolved before October 1, when the transaction dynamics move from the U.S. dollars to the Naira per litre, adding that if the exchange rate goes down and if the international oil prices continue to go down, then we might get to a stage where importing might be cheaper.
