Group Applauds Tinubu, NUPRC for Fuel Price Reduction, Calls for More Local Refineries
- The Conscience of the Nation has praised President Tinubu and the NUPRC for policies that reduced fuel prices, providing relief during Ramadan
- The group highlighted the NUPRC’s reforms, including the willing-seller, willing-buyer model, as key to stabilizing the sector
- They also urged the government to support more local refineries like Dangote to boost economic growth and energy security
A socio-economic advocacy group, Conscience of the Nation, has commended President Bola Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for policies that have contributed to a decline in fuel prices.
The group’s head, Comrade Gideon Unazi, described the development as a significant relief for Nigerians, particularly during the holy month of Ramadan.
Source: Facebook
Tinubu's economic policies working - group hails
According to Unazi, the reduction in fuel costs has led to lower transportation expenses, making it easier for people to move goods and access essential commodities at more affordable rates.
He noted that this has positively impacted food prices, easing the financial burden on citizens observing Ramadan.
The group attributed the downward trend in fuel prices to NUPRC’s strategic and transparent regulatory approach.
Unazi pointed to the commission’s commitment to the willing-seller, willing-buyer model, which aligns with global best practices and fosters a competitive market without government-imposed price controls.
“NUPRC has demonstrated its dedication to regulating the sector in a manner that encourages growth and avoids arbitrary interventions that could deter investment,” Unazi stated.
He further acknowledged the commission’s ambitious five-point agenda announced in January, which aims to boost oil production by an additional one million barrels in 2025.
The initiatives include improving hydrocarbon measurement accuracy, digitizing upstream regulatory processes, optimizing production costs, and conducting licensing rounds to revitalize underperforming assets.
Group commends synergy with local refineries
Unazi commended NUPRC’s enforcement of the Domestic Crude Supply Obligation (DCSO), ensuring a steady supply of crude oil to domestic refiners.
He argued that such measures strengthen Nigeria’s energy sector and create a stable market environment.
Beyond regulatory efforts, Conscience of the Nation urged the government to support the establishment of more local refineries, which would enhance fuel availability, reduce dependence on imports, and stimulate job creation.
Unazi highlighted the role of the Dangote Refinery as a transformative project capable of positioning Nigeria as a major refining hub by 2025.
“The importance of additional local refineries like Dangote cannot be overstated,” he remarked.
“With its capacity to produce Euro-V quality gasoline and diesel, alongside jet fuel and polypropylene, the refinery is set to eliminate Nigeria’s reliance on imported petroleum products while improving foreign-exchange reserves.”
The group maintained that expanding local refining capacity would not only enhance energy security but also drive economic growth by creating employment opportunities and fostering industrial development.
It urged policymakers to continue supporting refinery projects to maximize Nigeria’s oil and gas resources for national progress.
PDP's Atiku unites with El-Rufai
Previously, Legit.ng reported that the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, on Friday, February 21, paid a condolence visit to the family of late elder statesman, Edwin Clark.
It would be recalled that Clark, a former federal commissioner, died on Monday, February 17, at the age of 97.
Earlier, Atiku, along with El-Rufai, Bindow Jibrilla, and several others, participated in the sacred Friday prayers at AYA Juma’at Mosque in Abuja.
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Source: Legit.ng
