A socio-economic group, The Conscience of the Nation, has praised President Bola Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their policies that have helped reduce fuel prices. However, they are urging the government to support more local refineries, saying that this is the only way to ensure long-term affordability and stability in Nigeria’s fuel market.
Fuel Price Drop Brings Relief to Nigerians
Speaking on Monday, Comrade Gideon Unazi, the group’s leader, said the recent drop in fuel prices has made life easier for Nigerians, especially during Ramadan.
“With fuel prices going down, transport costs have dropped, and the prices of food and other essential goods have also reduced,” Unazi said.
He credited the NUPRC’s reforms in the oil sector for this development, particularly the willing-seller, willing-buyer policy, which has improved transparency and stability in the industry.
More Refineries Needed to Sustain Gains
Despite the recent progress, Unazi said the government must do more by supporting the establishment of more local refineries. He pointed to Dangote Refinery as a game-changer, proving that Nigeria can refine its own fuel instead of relying on imports.
“Having more refineries like Dangote will reduce fuel imports, create jobs, and boost the economy,” he said.
With Dangote Refinery already producing high-quality petrol, diesel, and jet fuel, Nigeria is set to become a major refining hub by 2025. But to achieve this, the government must encourage investment in more refineries, Unazi stressed.
Expanding Refining Capacity for a Stronger Economy
The NUPRC has a five-point agenda aimed at:
- Boosting crude oil production by one million barrels per day in 2025
- Improving regulatory processes
- Ensuring local refineries get enough crude supply
Industry experts agree that more refineries will help stabilise fuel prices in the long run, preventing future price hikes caused by import dependency.
For now, while Nigerians enjoy lower fuel costs, pressure is mounting on Tinubu’s government to take bold steps in expanding Nigeria’s refining capacity.
