Despite the high hopes that came with the much-anticipated Dangote Refinery, Nigerians are still paying exorbitant prices for petrol. What should have been a moment of relief has instead turned into frustration, as the reality on the ground shows no meaningful change. The ongoing blame game between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) only deepens the confusion, making it clear that we are not dealing with mere governance failures—this is outright exploitation.
We are in the midst of a crisis, and rather than seeing the promised relief, Nigerians are being burdened with ever-increasing petrol prices. The NNPCL, which controls the entire supply chain by buying all the fuel from Dangote Refinery, has effectively shut out independent marketers. This is not what deregulation was supposed to look like—this is state-controlled capitalism masquerading as free-market reform.
The pricing strategy of the Dangote Refinery itself is equally puzzling. When we break down the cost of petrol, it becomes evident that the price should not exceed ₦518.35 per litre, far below the current ₦766 per litre being charged. Even accounting for market fluctuations, these prices simply don’t add up. How can a locally refined product, free from many of the import-related costs like freight and customs duties, be so expensive?
What’s even more troubling is that this high price is likely to remain, even as the Dangote Refinery begins purchasing crude oil in naira from the NNPC. This makes no sense in a country blessed with an abundance of crude oil. Nigerians, as citizens of one of the world’s largest oil producers, are being forced to pay prices that are wildly disconnected from the reality of our own resources. It’s insulting.
The real issue here lies in the monopolistic control exerted by NNPCL and the lack of transparency from Dangote Refinery. Under existing laws, the NNPC is supposed to allocate 450,000 barrels of crude oil per day to refineries—a quantity that, when Nigeria’s refineries were functional, used to meet local demand. Instead, the NNPC has been exporting this crude ever since our refineries became defunct. Why not allocate this crude to Dangote Refinery at a fair rate, and let Nigerians benefit from affordable fuel prices?
Unfortunately, many Nigerians have been convinced that removing subsidies was the only way forward. But as I’ve argued before, every serious nation in the world provides subsidies for essential goods like fuel. It’s not just sensible; it’s a fundamental right in a country that produces oil. The corruption lies in how subsidies were administered, not in the concept of subsidies itself. The removal of subsidies, without a comprehensive plan to improve salaries and living conditions, was bound to lead to disaster—and that’s exactly where we are now.
I’ve warned before that raising petrol prices without addressing the broader economic challenges facing the average Nigerian would lead to hardship. Yet, many seem to be in denial about the direct connection between subsidy removal and the financial struggles they are now facing. I vividly recall a conversation I had back in April 2023, where someone argued that removing subsidies would free up funds for other sectors like healthcare and education. I sarcastically remarked that at this rate, petrol would soon cost ₦1,000 per litre. Sadly, we are inching ever closer to that grim prediction.
What we are witnessing now is a complete betrayal of the promises made to Nigerians. We were told that the coming of the Dangote Refinery would bring down petrol prices, but instead, we’ve been handed a confusing and opaque system controlled by monopolistic powers who seem far more interested in profit than in the welfare of the people. It’s as though we’ve been given a glass of water but told not to drink, while those in power continue to quench their thirst. This isn’t just mismanagement; it’s a betrayal of trust.
Nigeria should be a country where its citizens benefit from the wealth beneath their feet. Instead, our resources are being siphoned off, and we are left with empty promises. This situation is like a wealthy parent who starves their children while pointing to the struggles of others as justification for their neglect. That isn’t governance; it’s cruelty.
It’s time for Nigerians to demand more. We deserve better—transparency, fairness, and access to the wealth of our own nation. Most importantly, we deserve leaders who are accountable to the people, not to corporate interests profiting off our hardships. We cannot continue to accept this injustice. The time to demand change is now.
Chimazuru Nnadi-Oforgu
Duruebube Uzii na Abosi
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