NLC Speaks on Fuel Price Reduction by Dangote Refinery, Points at Competition Within Sector
- The Nigeria Labour Congress (NLC), Lagos Council, has commended Dangote Refinery for its recent reduction in fuel prices, describing it as a timely economic relief for Nigerians
- NLC State Chairman, Funmi Sessi, highlighted the positive impact on transportation costs, goods prices, and financial relief for citizens struggling with the high cost of living
- She also emphasized the importance of encouraging healthy competition in the sector and mentioned the potential economic revival if the proposed 2025 budget is strictly implemented
The Nigeria Labour Congress (NLC), Lagos Council, has commended Dangote Refinery for its recent reduction in fuel prices, describing it as a timely economic relief for Nigerians.
NLC State Chairman, Funmi Sessi, made the commendation in a statement on Wednesday, highlighting the positive impact of the price slash on the economy.
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Sessi expressed optimism that the reduction would ease transportation costs, lower the prices of goods and services, and provide financial relief for citizens struggling with the high cost of living.
“This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the rising cost of living,” she said.
She noted that without Dangote Refinery, the government might still be importing fuel.
Currently, Dangote is producing about 650,000 litres of barrel per day, while both Port Harcourt refinery and other refurbished ones are producing about 210,000 litres of barrels per day, which is not even half of Dangote's production.
“With this, Dangote has brought a healthy rivalry to the sector and we have started seeing reduction in the petroleum price,” Sessi added.
The chairman also mentioned that Dangote Refinery had begun exporting petroleum to countries such as Ghana, Togo, and others, which would bring stability to Nigeria’s currency.
She emphasized the importance of encouraging Dangote and other players in the sector to foster healthy competition.
Sessi also touched on the proposed 2025 budget, stating that if the government could be strict in its implementation, there would be hope for economic revival.
“With the budget, we can see that there is hope for Nigeria, most especially, if government can be strict in its implementation, there will be improvement in security, food production, and other areas of the economy,” she concluded.
Dangote Refinery Sells at New Rates
Legit.ng reported that Petroleum product marketers have reduced petrol prices in some filling stations in the Federal Capital Territory (FCT), Abuja.
Checks on some petrol stations show that pump prices reduced from N1,100 and N1,150 to N1,080 and N1,090, representing N10 and N60 slash.
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Source: Legit.ng
