How Dangote’s refinery could make petrol price hit N1000/Litre by December, 2023 – NLC

Patrick OdeyJune 5, 2023

1 minute read

The Nigeria Labour Congress (NLC) has raised alarm over the possible increase of the pump price of petrol to N1000 per litre by December 2023.

The NLC blamed this on the lack of competition in the oil sector, which is dominated by Dangote Petroleum Refinery.

The NLC national President, Joe Ajaero, said this in an interview with Arise TV on Sunday.

He said that the Dangote Refinery, which is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility, will have a monopoly over the production and supply of petrol in Nigeria.

He said that without other players in the sector, such as the refineries in Port Harcourt, Warri, and Kaduna, which are not functioning, the market forces will not be able to regulate the price of petrol. He said that Dangote will be able to dictate the price of petrol and exploit Nigerians.

He said: “How can there be market forces if Dangote is the only one producing? Are we not maintaining a private sector monopoly which is even worse than the public sector monopoly that the NNPC has been maintaining?

“What is the situation in the cement industry and other areas? Why are the Port Harcourt, Warri and Kaduna refineries not working?”

He urged the Federal Government to liberalize the oil sector and allow for more private investors to invest in refining and distribution of petrol. He said that this will create more jobs and reduce the dependence on imported fuel.

He also called on the Federal Government to review the current minimum wage and address other issues affecting workers’ welfare.

He said that the NLC will continue to resist any attempt to increase the pump price of petrol without consultation with labour and other stakeholders.