Petition by DAPPMAN to Tinubu Regarding Alleged Monopolistic Behavior of Dangote Refinery
Addressing concerns over monopolistic practices, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has reached out to President Bola Tinubu regarding the operations of Dangote Refinery.
DAPPMAN highlighted the significant investments made by Nigerian entrepreneurs in the downstream petroleum sector prior to the establishment of Dangote Refinery, emphasizing the potential impact on existing businesses.
In a letter obtained by NewsNow addressed to the President, DAPPMAN raised issues about Dangote’s past investments and alleged monopolization of certain sectors.
Expressing apprehension about potential monopolistic tendencies, DAPPMAN underscored the need for intervention to safeguard its members’ investments, emphasizing the importance of maintaining deregulation and free market principles outlined in the Petroleum Industry Act (PIA) 2021.
The communication, signed by Olufemi Adewole, the Executive Secretary of DAPPMAN, noted concerns related to restrictions on AGO purchases from the Dangote Refinery and the impact on downstream operators.
Emphasizing the importance of market dynamics within a legal framework, DAPPMAN advocated for fair competition and broader options for consumers.
Addressing pricing strategies and regulatory policies, DAPPMAN urged for a transparent dialogue to address existing challenges and enhance competitive offerings in the fuel market.
Amidst reports of challenges faced by Dangote Refinery, including alleged attempts to impede its operations, the intervention by key stakeholders, including Tinubu, aimed at facilitating smoother operations through innovative solutions.
Tinubu’s directive to enable crude oil sales to Dangote Refinery in local currency, as highlighted by Zacch Adedeji, signifies a significant step towards economic efficiency and cost savings for the nation.