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.
The NLC State Chairman, Funmi Sessi, disclosed this in a statement on Wednesday in Lagos, emphasizing that the refinery’s initiative came at a crucial moment for the nation as reported by the News Agency of Nigeria.
She expressed optimism that the fuel price reduction would help alleviate transportation costs, reduce the prices of goods and services, and provide financial relief to citizens burdened by 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,” Sessi said.
The Chairman also highlighted the significant role Dangote Refinery plays in reducing Nigeria’s reliance on fuel imports.
“If not for Dangote refinery, we believe that the government may still be importing fuel. However, now, Dangote is producing about 650,000 barrels per day, while both the Port Harcourt refinery and the other refurbished ones are producing about 210,000 barrels per day, which is not even up to half of what Dangote is producing. With this, Dangote has brought a healthy rivalry to the sector, and we have started seeing a reduction in the petroleum price,” she stated.
Sessi further noted that the refinery had begun exporting petroleum products to countries like Ghana, Togo, and others, which she believes will help stabilize Nigeria’s currency.
“At this instance, we want to give it to Dangote. We also appreciate its timely intervention. Do not also forget that the National Assembly is trying to bring out a bill that Nigerians should start domesticating her own currency. It is so disheartening that our currency is no more strong, even in the West Africa region. Therefore, the government should encourage Dangote and more players coming on board because this will allow a healthy rivalry,” Sessi added.
She emphasized the importance of such efforts in addressing Nigeria’s economic challenges and encouraged other stakeholders to follow the Dangote Group’s example for the benefit of the country.
“We welcome this relief, which will help many Nigerians struggling due to the high cost of living, and we urge other stakeholders to emulate the Dangote Group’s example for the benefit of all Nigerians,” she said.
On the proposed 2025 budget, Sessi expressed hope that its proper implementation could pave the way for economic revival.
“With the budget, we can see that there is hope for Nigeria, most especially if the government can be strict in its implementation. There will be improvement in security, food production, and other areas of the economy,” she concluded.
What you should know
- The Dangote Petroleum Refinery recently announced a holiday promotional price reduction for Premium Motor Spirit (PMS), lowering the price from N970 to N899.50 per litre.
- This initiative is aimed at alleviating financial burdens on consumers, and providing economic relief during the festive Yuletide season as reported by Nairametrics.
- The price slash sought to reduce transportation costs and alleviate the burden of rising living expenses on Nigerians.
- The move has been praised as both timely and impactful, with expectations that it will lead to decreased transport fares and a ripple effect on the prices of goods and services across the country.
