- Move to ease transport costs and stabilize goods prices hailed as timely intervention
- Dangote’s 650,000-barrel output reshaping competition, aiding currency stability
The Nigeria Labour Congress (NLC) has praised Dangote Refinery for slashing fuel prices, describing the move as a critical relief for Nigerians grappling with the country’s economic challenges.
Speaking on Tuesday, Funmi Sessi, NLC Chairman for the Lagos Council, commended the refinery for its impact on the energy sector. She noted that the reduction would help lower transportation costs, reduce the prices of goods and services, and provide financial respite for citizens burdened by rising living expenses.
“This adjustment offers much-needed relief for millions of Nigerians struggling with high fuel prices,” Sessi stated. “If not for Dangote Refinery, the government might still rely on fuel imports. Currently, Dangote produces 650,000 barrels per day—far surpassing the combined 210,000-barrel output of the Port Harcourt and refurbished refineries.”
Sessi also emphasized the refinery’s role in fostering healthy competition within the energy sector, highlighting that Dangote had begun exporting petroleum products to neighboring countries like Ghana and Togo. According to her, these developments could help stabilize Nigeria’s currency while creating a ripple effect on the economy.
“The introduction of competition has already resulted in price reductions. We must give credit to Dangote for this intervention and encourage other stakeholders to follow suit for the benefit of all Nigerians,” she added.
On the proposed 2025 budget, Sessi expressed hope that strict implementation by the Federal Government could lead to economic revival. “If the government adheres to the budget plan, we can expect improvements in security, food production, and other critical areas,” she concluded.
The NLC further urged the government to support domestic players in the oil and gas industry, emphasizing that fostering local production would strengthen the economy and bolster the Naira within the West African region.
