June 01, (THEWILL) – The President of the Nigeria Labour Congress (NLC), Joe Ajaero, has expressed concern that the recently inaugurated Dangote Petroleum Refinery could become a price dictator and might not lead to a drop in the price of Premium Motor Spirit (PMS), also known as petrol.
Ajero said this during an interview with Channels TV on Wednesday.
He said he applauds the Dangote Refinery, but he’s doubtful of the company’s operations bringing down the cost of petrol to the benefit of Nigerians given its private sector monopoly status.
Due to the Dangote refinery being the only refiner at its scale in operation, the NLC president said the firm could grow into a dictator in the market.
He said this could be dangerous as a private sector player, wondering if Dangote Refinery could meet the fuel consumption volumes of Nigerians
“First, I commend Dangote Refinery but the provision of having dictatorship of the market especially in the private sector is dangerous. Now that is what we are experiencing in the area of cement production. What is Dangote Refinery going to produce? Will it be enough?
“He has done enough to build a refinery. If three or four companies like that are refining then you are talking of competition.
“So, I think while we commend Dangote as a good Nigerian, we are talking about competition, we are talking of deregulation. So Dangote has done well, but can Dangote take care of 30% of the needs of Nigerians?”
Ajaero had criticised the public statement of President Bola Tinubu on fuel subsidy removal, describing it as insensitive and capable of increasing the hardship of Nigerians.
Condemning Tinubu’s statement, Ajaero said Tinubu’s public declaration has reduced the quality of Nigerian lives by 300 per cent.
“By his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope. He equally devalued the quality of their lives by over 300 per cent and counting.”
The Labour leader also on Wednesday insisted on the federal government reversing the new template which the Nigerian National Petroleum Company Limited (NNPC) unveiled, showing over 180 percent increase in the pump price of the Premium Motor Spirit (PMS), popularly known as petrol across the country.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
