The summary of the whole shenanigans going in Nigeria between the FG(NNPC) and Dangote Refinery is that
1. NNPC has not, and can not refinr crude to sell to Nigerians, so they will have to import refined crude.
2. If Dangote refines its product and wants to sell locally, the price will be less than N600/ litre.
3. If Dangote sells below N600 and NNPC imports and sells above N600, no Marketer will buy from NNPC at a higher cost. So technically, NNPC will be out of business and die a natural death.
4. With recent acquisitions of Agip by Oando and the furtherance of an arm of Oando (OVH) becoming the sole controller of NNPC retail business, a lot of personal “vested interests” are at staked in NNPC business. If you know much about Oando, you will understand my angle.
5. To safeguard NNPC interests, the govt moved to muscle and bully Dangote. First they raided Dangote Refinery accusing him of FX launderig. Then they denied him crude for his refinery, to the extend Dangote started buying crude from the US. They later came up with allegations that Dangote Refinery products was sub standard. You all know the other allegations and fights to cripple the refinery.
6. Then when all these bullying was getting too much, Dangote started talking and exposing them. We heard of the Malta refinery and the crude round tripping going on etc.
7. They changed tactics and bullied him not to make public the price he intends to sell his products.
8. The govt now force Dangote not to sell refined products directly to marketers, and he should allow NNPC to be the only Off-taker of PMS from Dangote.
9. Dangote is not allowed to announce his price to the public, he is not allowed to sell to marketers directly – he is technically caged.
10. The FG goes ahead to jack up price of PMS two days to Dangote Refinery selling PMS. It was a perfect plot to get Dangote to sell the product at a higher price than it should (which will give NNPC a window of profit margin when they eventually import fuel). Consumers’ interets were sacrificed on the altar of NNPC incompetence and corruption.
11. NNPC and the FG failed to sell crude to Dangote in Naira as they agreed.
Nothing is hidden under this earth. One day, the truth will be laid bare! Before did we know that our crude is being refined in Malta? All these shenanigans will one day be a past. But we are BLESSED with corrupt leaders, here in Naija.