By NIyi JACOBS
Nigerians have expressed growing frustration over the unrelenting increase in fuel prices, despite the operational status of the Dangote and Port Harcourt refineries. Once seen as a potential solution to the country’s dependency on imported petroleum products, the refineries’ outputs have done little to ease the financial strain on citizens.
Since President Bola Ahmed Tinubu’s subsidy removal in May 2023, petrol prices have skyrocketed from ₦195 to over ₦1,000 per litre. The government defended the subsidy removal, citing unsustainable monthly costs of ₦400 billion. However, many Nigerians argue that the move has brought untold hardship.
Hassan Alowonle, a respondent, lamented that despite the presence of two functional refineries, fuel prices have only worsened. “It’s hard to believe that when we imported fuel, it was cheaper. Now, with refineries in Lagos and Port Harcourt, we’re paying more,” he said, accusing the government of prioritizing revenue over citizens’ welfare.
Economist Augustine Oyiwona attributed the hikes to inflation, crude oil costs, and inefficiencies in production and distribution. “Inflation at 33.8% and other economic pressures have made fuel prices nearly double,” he explained.
Sylvester Agih questioned the government’s transparency, arguing that savings from subsidy removal have not translated to tangible benefits for citizens. He called the situation “illogical,” given the supposed advantages of local refining.
Many have called for government intervention to ensure crude oil is sold to refineries at subsidized rates to reduce pump prices. Daniel Mustapha advocated for improved efficiency and transparency in refinery operations to stabilize prices.
For now, Nigerians continue to endure economic hardship, as the ripple effects of high fuel costs escalate across all sectors.
