NLC Reacts As Dangote Refinery Announce New Fuel Price

The Nigeria Labour Congress (NLC) has praised Dangote Refinery for its recent decision to lower fuel prices, characterizing it as a timely economic relief for the Nigerian populace.

In a statement to the press on Tuesday, the NLC Chairman for Lagos Council, Funmi Sessi, emphasized that the refinery’s operations have arrived at a crucial moment.

Sessi conveyed hope that this price reduction would alleviate transportation expenses, decrease the costs of goods and services, and offer financial respite to citizens facing the challenges of a high cost of living.

Naijaonpoint reports that Sessi remarked that this modification is expected to provide essential relief for millions of Nigerians who have been contending with elevated fuel prices and increasing living costs.

He underscored that, without Dangote Refinery, the government would likely still be reliant on fuel imports. Currently, Dangote is producing approximately 650,000 barrels per day, whereas the Port Harcourt refinery and another refurbished facility combined yield about 210,000 barrels per day, which is less than half of Dangote’s production capacity.

“With this, Dangote has introduced healthy competition in the sector, and we are already seeing a reduction in petroleum prices. Dangote has even started exporting petroleum to countries such as Ghana, Togo, and others. This will help stabilise our currency.

“In this instance, we want to give credit to Dangote. We also appreciate its timely intervention,” she added.

The Chairman of the NLC Lagos Council remarked that the National Assembly is currently deliberating on a bill aimed at promoting the domestic utilization of our currency.

It is regrettable that our currency has weakened, even in comparison to other currencies within the West African region, the labour union noted.

“Therefore, the government should encourage Dangote and other players to enter the market as this will foster healthy competition.

“We welcome this relief, which will help many Nigerians struggling due to the high cost of living, and we urge other stakeholders to follow the example set by the Dangote Group for the benefit of all Nigerians,” the statement added.

Sessi said that if the federal government strictly implements the proposed 2025 budget, there will be hope for the nation’s economic revival.

“With the budget, there is hope for Nigeria. Especially if the government is strict in its implementation, we will see improvements in security, food production, and other areas,” she concluded.