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.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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