Dangote Refinery: NLC cautions against potential price monopoly

The Nigerian Labour Congress (NLC) says the recently launched Dangote Petrol Refinery may not take complete care of the needs of Nigerians and may not bring down prices of petroleum products in the country.

Speaking to newsmen on Wednesday amid the fuel subsidy removal controversy, NLC President, Joe Ajaero, said the Dangote Refinery is admirable but it might not be the solution to the problems facing the petroleum industry.

Ajaero said, “First, I commend Dangote Refinery but the provision of having dictatorship of the market especially in the private sector is dangerous. Now that is what we are experiencing in the area of cement production. What is Dangote Refinery going to produce? Will it be enough?

“He has done enough to build a refinery. If three or four companies like that are refining then you are talking of competition.

“So, I think while we commend Dangote as a good Nigerian, we are talking about competition, we are talking of deregulation. So Dangote has done well, but can Dangote take care of 30% of the needs of Nigerians?”

The NLC had earlier kicked against President Bola Tinubu’s announcement of subsidy removal.

President Bola Tinubu in his inaugural speech on Monday, said fuel subsidy has ended. His pronouncement caused panic in the sector resulting in an instant scarcity of petroleum products across the country.

However, Ajaero said the position of Labour has been clear on the issue that even if Tinubu has a good intention, alternatives must be provided.

He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.

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