SEO Riders:
– Dangote Refinery’s Impact on Nigeria’s Fuel Economy
– Calls for Reduced Fuel Imports in Favor of Local Production
– Economic Benefits of Supporting Domestic Refineries
Dr. Titus Okunronmu, a former Director of the Budgetary Department at the Central Bank of Nigeria (CBN), has lauded the Dangote Refinery for its recent reduction in petrol prices, describing it as a positive development for the Nigerian economy and its citizens.
On May 22, 2025, the Dangote Refinery announced a N15 decrease in the pump price of petrol, lowering it from N885 to N870 per litre. This marks the sixth price adjustment by the refinery within the year, reflecting its commitment to alleviating the financial burden on Nigerians.
Dr. Okunronmu emphasized the importance of supporting domestic production, stating that the Dangote Refinery has the capacity to meet Nigeria’s fuel demands and even produce surplus for export, thereby earning foreign exchange for the country. He criticized the continued importation of refined petroleum products, arguing that it undermines local industries and does not serve the national interest. He called on the federal government to create an enabling environment for local refineries to thrive and to reconsider the issuance of import licenses for refined petroleum products. By doing so, Nigeria can strengthen its economy, reduce dependency on imports, and ensure energy security for its populace.
