The National Chairman of the Action Democratic Party, ADP, Mr. Yabagi Sani has described the recent drop in fuel pump price by the Dangote Refinery as “A stand with production, value addition, and national interest.”
Mr. Sani stated this in a statement made available to journalists in Abuja shortly after the Chairman of Dangote Refinery, Aliko Dangote announced a reduction in fuel pump price in Nigeria.
The ADP National Chairman also stated that Nigeria has suffered for decades in “an entrenched petroleum products import cartel that has held the nation hostage for decades without national interest”.
He lamented that those cartel in the oil sector sell petroleum products at inflated prices, draining foreign exchange, enriching middlemen, and institutionalizing Nigeria.
He said that by so doing “Nigeria is witnessing a shameful and dangerous confrontation between domestic industrial progress and protecting an import cartel whose survival depends on Nigeria remaining structurally weak.”
Mr. Sani noted that “the Dangote Refinery is designed to end this scam from those cartel that benefited from subsidies, opaque FX allocations, shipping arbitrage, for over 40 years.
“Nigeria was forced into the absurdity of exporting crude oil only to import refined” he said.
“The resistance faced by the Dangote Refinery is not accidental, technical, or market-driven. It is signed” he added.
The ADP National Chairman further cautioned government at all levels that “any country that frustrates its own domestic refining capacity in favour of fuel importers continues to empower import cartels, FX arbitrage, and economic sabotage”.
Mr. Sani charged the government to continue to promote local refinery in the country.
President Tinubu, as part of his Renewed Hope Agenda, removed the fuel subsidy at the inception of his administration, demonstrating his determination and resolve to end the scam.
Olusola Akintonde