Tensions Rise As NLC Reacts Fiercely To Dangote Refinery’s New Rates

The Nigeria Labour Congress (NLC) has commended Dangote Refinery for its recent decision to reduce fuel prices, describing it as a much-needed economic relief for Nigerians.

In a statement on Tuesday, Funmi Sessi, the NLC Lagos Council Chairman, highlighted the importance of the refinery’s operations during these challenging times.

Sessi expressed optimism that the price reduction would ease transportation costs, lower the prices of goods and services, and provide financial relief to citizens grappling with the high cost of living. She noted that this adjustment is a significant step towards alleviating the economic burdens faced by millions of Nigerians.

She further emphasized that without the Dangote Refinery, the government would still rely heavily on fuel imports. Currently, Dangote produces around 650,000 barrels per day, significantly outpacing the combined output of 210,000 barrels per day from the Port Harcourt refinery and another refurbished facility.

“With this development, Dangote has introduced healthy competition into the sector, leading to a reduction in petroleum prices. Additionally, Dangote has begun exporting petroleum to countries like Ghana and Togo, which will contribute to stabilizing our currency,” Sessi stated. “We credit Dangote for this timely and impactful intervention.”

Sessi also mentioned that the National Assembly is deliberating on a bill to encourage the domestic utilization of the Nigerian currency, noting the unfortunate depreciation of the naira compared to other West African currencies.

“The government should support Dangote and other market players to foster healthy competition,” the NLC statement urged. “We welcome this relief, which will benefit many Nigerians struggling with the high cost of living, and call on other stakeholders to emulate the Dangote Group for the greater good of all Nigerians.”