Dangote Refinery, others will reduce Nigeria’s rising inflation – Refiners to FG

Nigerian government has been told that collaboration with Dangote Refinery and other local refineries will end the country’s rising inflation which stood at 34.19 percent in June 2024.

This is according to the Crude Oil Refiners Association of Nigeria in a recent statement by its Publicity Secretary, Eche Idoko.

Idoko’s comment comes amid the recent dispute between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

However, Idoko said that the country must end the importation of petrol products to tackle inflation.

According to him, local refineries have a plan that could end petroleum importation in 18 months in collaboration with the government.

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“You can’t tackle inflation if you don’t address the pump price of petroleum products. You cannot say you have a plan to step down inflation and you are not involving the key sectors like the refineries; you have to involve us, let’s work together.

“If the Nigerian government will work with our programs and plans, in 18 months, we can stop the importation of petroleum products completely. There are refineries in different stages of completion.

“In 18 months, we can produce what Nigeria will consume,” he stated.

Recall that last week, the Chief executive of NMDPRA, Farouk Ahmed had said that it is risky to allow Dangote Refinery to assume monopoly in petroleum products especially, Automotive Gas Oil, Dual Purpose Kerosene DPK.

Ahmed had favored imported petroleum products over Dangote Refinery’s products.

Meanwhile, the chairman of the Dangote Group, Aliko Dangote dismissed the claims by Ahmed.

This has resulted in a deep-seated debate in Nigeria’s oil and gas sector.

To this end, the Minister of Petroleum Resources(Oil), Heineken Lokpobiri had a meeting with Dangote, Ahmed, Nigerian National Petroleum Company Limited, Group Chief Executive Officer, Mele Kyari and the Head of Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe to resolve the dispute.

This is as also the House of Representatives called for the suspension of Ahmed over his comment on Dangote Refinery.