The Lagos State chapter of the Nigeria Labour Congress (NLC) has commended Dangote Refinery following the recent reduction in the prices of premium motor spirit (PMS), popularly called petrol, describing it as a timely economic relief for Nigerians.
NLC Chairman for Lagos Council, Funmi Sessi, during a chat with journalists on Tuesday, noted that the refinery’s operation has come at the right time.
Expressing optimism that the reduction would ease transportation costs, lower the prices of goods and services, and provide financial relief to citizens struggling with the high cost of living, Sessi said, “This adjustment promises to offer much-needed relief for millions of Nigerians who have been grappling with high fuel prices and the rising cost of living.
“If not for Dangote Refinery, we believe the government would still be importing fuel. However, Dangote is now producing about 650,000 barrels per day, while the Port Harcourt refinery and another refurbished refinery together produce about 210,000 barrels per day, which is not even half of Dangote’s output.
“With this, Dangote has introduced healthy competition in the sector, and we are already seeing a reduction in petroleum prices. Dangote has even started exporting petroleum to countries such as Ghana, Togo, and others. This will help stabilise our currency.
“In this instance, we want to give credit to Dangote. We also appreciate its timely intervention.”
The NLC Lagos Council Chairman also noted that the National Assembly “is working on a bill to encourage the domestic use of our currency. It is disheartening that our currency is no longer strong, even within the West African region.
“Therefore, the government should encourage Dangote and other players to enter the market as this will foster healthy competition.
“We welcome this relief, which will help many Nigerians struggling due to the high cost of living, and we urge other stakeholders to follow the example set by the Dangote Group for the benefit of all Nigerians.”
On the proposed 2025 budget, Sessi said that if the Federal Government strictly implements it, there is hope for the nation’s economic revival.
“With the budget, there is hope for Nigeria. Especially if the government is strict in its implementation, we will see improvements in security, food production, and other areas.”
