Nigerians On Edge: Dangote Refinery’s Impact Could See Petrol Prices Hit Unimaginable Highs

Reports indicate that petrol prices have risen to between ₦930 and ₦960 per litre from the previous ₦860 and ₦880 at MRS filling stations and other partners of the Dangote Refinery.

Gillis-Harry warned that petrol prices might soon hit ₦1,000 per litre, depending on the outcome of ongoing discussions regarding the Naira-for-crude deal between the Dangote Refinery and the Nigerian Government, represented by the Nigerian National Petroleum Company Limited (NNPCL).

During an interview with Daily Post, Gillis-Harry responded to questions about who should be blamed for the recent price surge. He argued that neither the Dangote Refinery nor the Federal Government should be held accountable, emphasizing that the deregulation of the downstream sector and economic factors are the real culprits.

He pointed out that the Naira-for-crude deal has not been officially stopped and that it would be premature to blame the deal for the current pricing issues. He cautioned against spreading unverified information and stressed that business owners are entitled to make precautionary decisions based on market dynamics.

Gillis-Harry also highlighted that the Dangote Refinery operates as a private enterprise within a free trade zone, allowing it to make decisions based on market pricing. He expressed pride in the refinery, noting that it is Africa’s largest.

Regarding the possible influence of Dangote Refinery on rising petrol prices, Gillis-Harry acknowledged that the refinery could be a contributing factor. He explained that some PETROAN members have been buying petrol in dollars even during the Naira-for-crude arrangement, reflecting broader economic and environmental factors influencing fuel pricing.

He concluded by warning against dollarizing the Nigerian economy, noting that doing so would undermine the naira’s value.