In the right of response, the firm maintains its reputation for integrity and regulatory compliance.Emmanuel Addeh of Pinnacle Oil & Gas in Abuja stated yesterday that the company will never sell substandard petroleum products to Nigerians.
Pinnacle Oil & Gas: We‘ll Never Sell Adulterated Fuel To Nigerians
Pinnacle Oil’s statement was a direct response to a claim made by the Dangote Refinery’s management on Sunday that a blending plant was being built near its Lagos facility with the goal of selling Nigerians inferior petroleum products.As the only depot in the vicinity of the Dangote Refinery, Pinnacle Oil & Gas said in a press release provided to THISDAY that it was reacting to address the refinery’s concerns.
An international trading company recently rented a depot facility next to the Dangote Refinery, with the intention of using it to blend inferior products that will be dumping into the market to compete with Dangote Refinery’s higher quality products, according to a press release issued by the Dangote organisation on November 3.
However, Pinnacle Oil & Gas claimed that because it has a track record of honesty and rigorous adherence to current laws, it was unable to supply Nigerians with subpar goods.”Pinnacle Oil & Gas has the only depot facility next to the Dangote Refinery,” the company insisted. We firmly declare that Pinnacle Oil & Gas will never import or try to distribute any subpar or off-spec product into the Nigerian market.
“We place a high value on our company’s reputation for honesty and adherence to regulations.”The oil and gas company went on to say that when multiple buyers and sellers were permitted in a deregulated setting, the system performed much better.
It claimed that having options for supplying Nigerians with fuels, whether they are imported or locally refined, was the right thing to do. Pinnacle Oil & Gas claims that the lowest sustainable price will be determined once this is permitted to occur.According to Pinnacle Oil & Gas, “open systems with multiple sellers and multiple buyers bidding to establish the market price are the most effective way to operate deregulated commodity markets.” The mechanism that will set the lowest sustainable prices is for Nigeria to have supply options that include imports or local refineries.
“A free market is also controlled to guarantee that all goods fulfil national standards and that all participants act in a responsible manner.”With a focus on the petroleum trading, marketing, distribution, and retail sectors of the Nigerian oil and gas industry, Pinnacle is an indigenous company that operates throughout the whole downstream value chain.
