Dangote Refinery’s Price Hike Sparks Controversy

Shehu Sani criticized Dangote Refinery’s petrol price hike, expressing concerns over its impact on Nigerians already grappling with rising costs. On Friday, Dangote Refinery announced that marketers buying two to 4.99 million liters of petrol would pay N955 per liter. This adjustment, effective Friday evening, raises prices by 6.17%, affecting pending stock balances previously priced at N899.50 per liter.

Petrol Prices Climb Nationwide

Following the refinery’s announcement, retail petrol prices have surged, with stations now selling fuel at rates between N1,050 and N1,150 per liter, depending on location. Market analysts attribute the rising costs to the global surge in crude oil prices, a key component of fuel production.

Sani Expresses Disappointment

Shehu Sani expressed disappointment on his X handle, emphasizing public expectations that Dangote Refinery would reduce fuel prices. He criticized the refinery’s price hike, stating that the public anticipated a decrease instead. Sani described the increase as baffling, noting the widespread hope for lower petrol costs. He questioned the refinery’s role in alleviating Nigeria’s fuel price challenges.

Public Sentiment and Economic Concerns

Sani’s statement echoes the concerns of many Nigerians who view the refinery as a potential game-changer for domestic fuel production and pricing. The recent hike has sparked debates about the refinery’s role in stabilizing the local market and providing relief amid rising living costs.

Calls for Transparency and Accountability

As fuel prices continue to climb, industry stakeholders and citizens are calling for greater transparency in pricing mechanisms and measures to cushion the impact on consumers. The situation underscores the need for policies that prioritize affordability while maintaining economic sustainability.

A Challenge for Policymakers

The price hike by Nigeria’s largest refinery presents a fresh challenge for policymakers, who must balance supporting local industries with addressing public discontent. The development will likely remain a focal point of national discourse in the weeks to come.

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