Aliko Dangote, Chairman of Dangote Refinery, has claimed that the Nigerian National Petroleum Company Limited (NNPCL) and local retailers are boycotting fuel supplies from his refinery, despite having sufficient petrol stock to eliminate fuel queues for up to 12 days. Speaking to State House correspondents after a meeting with President Bola Tinubu, Dangote stated that his refinery in Lagos has the capacity to produce over 30 million liters of petrol daily, contingent on demand from NNPCL and retailers.
Currently, Dangote has 500 million liters stored, asserting that this stock could sustain the country without additional imports for more than 12 days. However, fuel queues continue to persist across major cities, leading to public frustration. He explained that as a producer, his responsibilities do not extend to retail operations and urged retailers to collect the available fuel to prevent shortages.
In recent developments, the NNPCL has raised the pump price of Premium Motor Spirit (PMS) from N998 to N1,025 per litre, representing a N27 increase. This price hike comes amid ongoing concerns from the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), which warns that rising fuel prices could trigger economic hardship across the nation.
NACCIMA’s national president, Dele Oye, emphasized the potential for increased transportation costs to exacerbate inflation and impact small and medium-sized enterprises that rely heavily on fuel for their operations. As the government grapples with these challenges, the need for a comprehensive assessment of the economic implications of rising petrol prices becomes increasingly urgent.
