Business
NLC Accuses Dangote And Marketers Of Inflating Fuel Prices
The Nigeria Labour Congress (NLC) has raised serious concerns, accusing Dangote Group and oil marketers of manipulating Premium Motor Spirit (petrol) prices to profit at the expense of Nigerians.
This was disclosed in a statement released on Sunday following the NLC’s National Executive Council (NEC) meeting on Friday.
In the statement, the NLC mentioned the current retail prices of petrol—ranging from N1,060 to N1,200 per litre—which they argue are far above the actual market value.
According to the union, this price disparity is a strong indication of inflated costs and excessive profit margins within Nigeria’s oil and gas sector, with these practices unfairly burdening consumers.
The NLC expresses concerns that key players in the industry might be colluding to control petrol prices, making it harder for Nigerians to afford basic fuel needs.
They noted that despite the supposed liberalization of the market, prices remain significantly high.
This led the NLC to call on the Nigerian government to urgently bring the Port Harcourt refinery and other state-owned refineries into operation to introduce more competition and relieve the grip that private players currently hold on fuel pricing.
During the NEC meeting, union leaders voiced their dissatisfaction, accusing “big players” in the industry of maintaining high prices through cost padding and inflated profit margins.
This alleged profiteering, according to the NLC, is adding to the economic strain on Nigerians, with workers and ordinary citizens bearing the brunt of the artificially high fuel prices.
The NLC also pointed out that this might be the reason why public refineries, including those in Port Harcourt, Warri, and Kaduna, are yet to return to full operation, despite their potential to ease fuel prices in the domestic market.
In recent days, a disagreement between Dangote Refinery and petroleum marketers has come into the spotlight, reflecting deeper issues in the sector.
Dangote Group announced that their petrol is available at ex-depot prices between N960 and N990 per litre, yet other marketers claim that imported fuel is still cheaper than what Dangote supplies.
Marketers have insisted that their imported petrol remains more affordable, countering Dangote’s claims.
In turn, Dangote Refinery has suggested that some marketers may be importing lower-quality, cheaper petrol, which the marketers have denied.
Adding to the discussion, recent figures from the Major Energies Marketers Association indicate that the landing cost for imported petrol currently stands at N971 per litre.
The NLC is pushing for a fairer pricing structure, stating that this will only be achieved by breaking the market’s current monopolistic structure.
They emphasized that reopening government-owned refineries is key to balancing market forces and potentially driving down fuel prices.
MRS filling stations, a key partner of Dangote Refinery, has announced a new petrol price hike, raising its pump prices across the country. In a price update shared on its official X page on Saturday, the company revealed that the new rates now range from N925 to N955 per litre, up from the previous N825 to N895 range.
This means petrol will now sell for N925 in Lagos, N935 in the South-west, N955 in the North-west and South-east, N945 in the North-central, and N955 in the North-east. For Lagos and Abuja, motorists will now pay N925 and N945 per litre at MRS stations, an increase from N875 and N895 respectively.
Meanwhile, NNPC retail stations have kept their pump prices unchanged at N875 in Lagos and N895 in Abuja as of Saturday evening. The nationwide increase comes amid rising global crude oil prices triggered by tensions in the Middle East, particularly the ongoing Israel-Iran conflict.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
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