NLC Finally Gives Solution to High Fuel Price as Dangote Announces New Cost

• The Nigerian Labour Congress urged the Federal Government to prioritise the Dangote Petroleum Refinery's purchase of crude oil in naira
• The NLC praised the refinery for its transformative impact on Nigeria's fuel supply, job creation, and the country's economic potential.
• The union also acknowledged that Dangote's intervention in the market helped stabilise fuel prices, demonstrating strong private sector leadership

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigerian Labour Congress (NLC) has directly urged the Federal Government to prioritise the Dangote Petroleum Refinery's purchase of crude oil in naira.

The NLC's Lagos State chapter chairman, Comrade Funmi Sessi, made the appeal on Tuesday during a visit to the refinery and Dangote Fertilizer Limited.

The union contended that requiring the business to import crude or make local purchases in dollars undermines the promise of cheaper fuel costs for average Nigerians.

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“This country has crude oil in abundance. So why is Dangote still being made to import crude or pay for it in hard currency?” the NLC queried. “If the government is truly committed to reducing fuel prices and supporting local refining, it must sell crude oil to Dangote in naira.”

The union emphasised that obtaining petroleum locally and paying for it with local currency would drastically reduce operating expenses, leading to a more sustainable drop in fuel prices.

“With a daily capacity of 650,000 barrels, this refinery can serve Nigeria and even the West African sub-region. We have also seen large ships transporting fertilizers to other countries. The government must maximize this potential.”

The refinery was praised by the NLC as a transformative national asset and a critical step in closing the fuel supply deficit in Nigeria, creating jobs, and restoring public trust in the nation's economic potential.

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Sessi noted that these projects are delivering real benefits to Nigerians and commended the Dangote Group's investments for their scale and strategic importance.

“Today, we have seen the massive Dangote Refinery project, as well as the fertilizer plant. We have also observed some of Dangote’s other investments in this area. It is truly enormous and highly impressive,” said the NLC chairperson.

“I believe what we have seen is a clear effort to bridge the gap in the availability of essential products in the country and to create job opportunities for Nigerians and others, as well as industrializing the country.”

The union acknowledged that Nigerians faced an unprecedented spike in the price of Premium Motor Spirit (PMS), or gasoline, after the federal government removed its subsidies, but noted that the Dangote Refinery's entry into the market helped stabilise prices.

“It wasn’t until Dangote entered the picture that we started seeing some relief. His intervention significantly reduced the escalated prices of PMS and other refined products. That’s a clear demonstration of private sector leadership,” she stated.

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Aliko Dangote was praised by the NLC for building a fully operational, top-tier refinery that can satisfy regional and domestic demand for refined petroleum products.

“When government-owned refineries failed, one man stepped up. Aliko Dangote didn’t just make promises; he fulfilled them. He has proven that Nigeria can not only refine its own products but also meet international quality standards,” she added.

The refinery's production of Euro 5-compliant fuel, which has a far lower sulfur content and complies with international environmental regulations, was also praised by the union, as it enhances Nigeria's reputation in the global petroleum market.

Dangote Refinery slashes petrol prices

Legit.ng reported that Dangote Petroleum Refinery has reduced Premium Motor Spirit (PMS) or petrol from its facility to N820 per litre. This is a N30 reduction from the previous price of N850 per litre.

In a message shared on X, the refinery said the new price took effect on Tuesday, August 12.

The decision to slash prices again follows changes in crude oil prices in the international market, the benchmark for petrol pricing.

Source: Legit.ng