CSOs hail Dangote Refinery for cutting petrol prices and warn against sabotage

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

A coalition of civil society organisations (CSOs) has applauded Dangote Refinery and Petrochemicals Company for reducing the price of premium motor spirit (PMS), also known as petrol, describing the move as a major relief for Nigerians.

The groups said the $20 billion refinery is a world-class investment that has transformed Nigeria’s downstream oil sector, ended decades of dependence on imported refined products, positioned the country as an oil exporter, reduced costs, and stabilised foreign exchange.

Speaking at a press conference in Abuja, Comrade Danesi Momoh Prince of the Employment for Unemployed Youth Initiative (EUYI) and Comrade Igwe Ude-umanta of the Guardians of Democracy and Development Initiative (GoDDI), who anchored the briefing on behalf of the coalition, praised Dangote for what they called a historic turnaround in Nigeria’s oil industry.

They said: “We are grateful to Dangote for this breath of fresh air. During the inglorious period of petroleum products importation, criminal subsidy regime, sundry oil racketeering, and creation of product scarcity, both citizens and government suffered at the hands of groups like Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and some of their agents, such as Nigerian Union of Petroleum and Natural Gas Workers (NUPENG).”

The CSOs accused petroleum importers of sabotaging Nigeria’s progress for selfish gain. “These petroleum products importers who became overnight billionaires for producing nothing never cared about the future, either of their business survival or the country. Being accustomed to free cash and economic manipulation, they had only hoped to frustrate any attempt at making Nigeria a petroleum refining country so that the Nigerian downstream sector would continue to groan under them.”

They recalled that the refinery initially faced resistance. “It was for this reason that the eventual take-off of the Dangote Refineries met with stiff opposition, prompting the decisive intervention of President Bola Ahmed Tinubu, whose backing ensured that the plot to frustrate the refinery did not succeed. Any attempt to reverse the gains already being recorded will be resisted by our organisations and other well-meaning Nigerians.

On claims that the refinery could become a monopoly, the coalition dismissed the allegations. “So far, the only argument that DAPPMAN hopes that gullible Nigerians could buy is to create a nonexistent fear about Dangote Refineries trying to become a monopoly. That is not true because that same monopoly is crashing petroleum prices, creating thousands of jobs, helping our balance of trade and payments, and putting good money in the nation’s coffers. That must be a progressive monopoly.”

The CSOs also highlighted the impact of the refinery on product prices. “For the avoidance of doubt, following the removal of oil subsidy in May 2023, product prices peaked at N1,700 for Automotive Gas Oil (AGO) and N1,020 for Premium Motor Spirit (PMS) at some point. But today, AGO is as low as N1,030 and PMS, N855. This is due to Dangote Refineries’ continuous intervention in lowering prices in the interest of local consumers.”

They challenged DAPPMAN’s position, saying Nigerians only benefit from the competition. “Nigerians have also not forgotten that this same DAPPMAN claimed that they can compete with Dangote Refineries through importation. We dare ask: what has changed that they are complaining about ‘unfair price crashes’ from Dangote Refineries? Nigerians need every price crash. We have suffered enough at the hands of cartels.”

Issuing a strong warning, the coalition insisted Dangote should not be undermined. “We must warn! Dangote Refineries is a private business. It should be allowed to run unhindered. DAPPMAN or any other group or persons are encouraged to build their own refineries, continue importation of products, or negotiate in a civilised manner with the management of Dangote Refineries, rather than the subterfuge sabotage of a refinery, which is a national pride. They should not stir the anger of Nigerians.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post