CUPP slams Dangote refinery over high fuel prices

The Coalition of United Political Parties (CUPP) has slammed the Dangote Refinery over the high cost of Premium Motor Spirit (PMS) popularly known as petrol.

Nigerians were hoping for cheaper petrol prices from the Dangote Refinery, but their hopes were dashed after the release of a price template by the Nigerian National Petroleum Corporation (NNPCL) on Monday.

Under the template, the cost of petrol is pegged at N950.22 per litre across all its retail outlets in Lagos, up from the current N898.

Furthermore, the product is estimated to be sold at a price as high as N1,019.22 per litre in Borno State.

This development has drawn the ire of CUPP which has raised questions about production costs, transparency and the alleged ongoing exploitation of the Nigerian people.

In a statement signed by its National Secretary, Chief Peter Ameh, the coalition wondered why products from local refineries would be sold at exorbitant prices without landing fees, port charges, tariffs and other costs.

CUPP demanded details of its production costs and urged NNPCL to negotiate competitive prices.

The statement read: “The high cost of fuel purchased from the Dangote Refinery is unjustified, especially considering the absence of tariffs, landing fees and port charges.

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“With crude supplied in local currency, the refinery’s production cost should be much lower. Dangote Refinery should provide a detailed breakdown of production costs to justify the exorbitant price of N898 per litre.

“Lack of transparency and accountability in the pricing mechanism is deeply worrying. NNPCL’s revelations suggest a conspiracy to continue the exploitative pricing regime through the back door.

“This undermines the benefits of domestic refining and raises questions about the true benefits of local refining.

“In addition, the high cost of fuel per litre is still beyond the reach of the average consumer, defeating the purpose of building refineries in the country. The cost of petrol is higher than usual, thus continuing the exploitation of vulnerable Nigerians.

“NNPCL’s disclosures highlight the need for transparency, accountability and regulatory oversight by the National Assembly in the energy sector.

“Dangote Refinery must provide details of its production costs, and NNPCL must negotiate competitive prices.

“The government should allow an independent regulatory body to monitor pricing mechanisms and protect consumers from exploitation.

“Only in this way can Nigeria unlock the true potential of domestic oil refining and ensure affordable energy for its citizens.”

By: Babajide Okeowo

CUPP slams Dangote refinery over high fuel prices first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.