A coalition of well-meaning Nigerians under the aegis of the Empowerment for Unemployed Youth Initiative and Guardians of Democracy and Development Initiative has faulted the fears being held in certain quarters that Dangote Refinery will monopolize the downstream sector of the oil industry.
At a press conference addressed by Comrade Danesi Momoh, held in Abuja on Sunday, the coalition applauded the management of Dangote Refinery over the steady reduction in the prices of petroleum products in the country. They vowed to mobilize Nigerians to resist any attempt to reverse the gains already being recorded by Dangote Refinery.
The coalition urged the management of Dangote Refineries to remain committed, steadfast, focused, and patriotic in their businesses even in the face of attempts by unpatriotic persons to return the country to the inglorious period of petroleum products importation, criminal subsidy regimes, sundry oil racketeering, and creation of product scarcity.
The coalition contended that the coming of Dangote Refinery has not only liberated Nigeria from a strong oil cartel that has held the country down for decades, it has also made Nigeria an exporter of refined petroleum products, wiping away the national shame of being a crude oil exporter but a net importer of refined products.
The coalition particularly faulted the claim that Dangote Refineries is trying to become a monopoly to the detriment of Nigerians.
“That is not true because that same monopoly is crashing petroleum prices, creating thousands of jobs, helping our balances of trade and payment, and putting good money in the nation’s coffers. That must be a progressive monopoly,” it noted.
“For the avoidance of doubt, following the removal of oil subsidy in May 2023, product prices peaked at N1,700 for Automotive Gas Oil (AGO) and N1,020 for Premium Motor Spirit (PMS) at some point. But today, AGO is as low as N1,030 and PMS, N855. This is due to Dangote Refineries’ continuous intervention in lowering prices in the interest of local consumers.
“We dare ask: what has changed that they are complaining about ‘unfair price crashes’ from Dangote Refineries? Nigerians need every price crash. We have suffered enough at the hands of cartels. We must warn! Dangote Refineries is a private business. It should be allowed to run unhindered.
“Any other group or persons are encouraged to build their own refineries, continue importation of products, or negotiate in a civilized manner with the management of Dangote Refineries, rather than the subterfuge sabotage of a refinery which is a national pride. They should not stir the anger of Nigerians.”