Reps Minority Caucus Rejects NNPCL-Dangote ‘Exploitative’ Fuel Price

Oluwatobi OdeyinkaSeptember 18, 20241 Mins read602

Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. The game changing intervention will eliminate the need for international letters of credit. It will also save the country of billions of dollars used in importing refined fuel.

The minority caucus of the Nigerian House of Representatives has rejected the pump prices of petrol recently announced by the Nigerian National Petroleum Company Limited which range from N950 to N1,000 depending on locations.

The NNPCL said it bought petrol at the unit cost of N898 from the Dangote refinery, a claim denied by the latter.

The HOR Minority Caucus, in a statement issued by its Chairman, Kingsley Chinda, on Tuesday, described the pump prices as outrageous and exploitative.

Chinda expressed his displeasure while acknowledging the economic hardships already faced by many Nigerians.

He argued that locally refined fuel should be priced significantly lower than imported fuel, as the former does not include such costs as landing charges and import duties.

The statement read: “We find this pricing regime to be not only burdensome but utterly unacceptable, particularly in light of the fact that this fuel is refined locally.

“It appears Nigerians are unfairly exploited, especially at a time when many are facing severe economic challenges.”

He urged the NNPCL and the Dangote Refinery to revive the price in the interest of the poor masses. He argued that the current pricing arrangement, if not reviewed, would deepen economic hardships across the country.

The caucus sought the intervention of regulatory bodies and the federal government to prevail on the NNPCL and the Dangote refinery to review the pricing framework in the interest of Nigerians.

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