Intervene In Dangote Refinery’s Diesel Price – APC Chieftain Urges Tinubu

A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has urged President Bola Tinubu to address what he considers excessively high diesel prices at the Dangote Petroleum Refinery.

Speaking with journalists in Osogbo on Sunday, Oyintiloye highlighted concerns over the refinery’s current pump price of ₦1,225 per litre, suggesting that it is exorbitant given the refinery’s local production status.

Naija News reports that Oyintiloye argued that diesel produced domestically should be notably cheaper than its imported counterparts.

“There should be a major difference between the pump price of imported diesel and that of an indigenous refinery,” he stated, expressing the public expectation that the Dangote refinery would lead to lower diesel prices, thereby benefiting the wider Nigerian economy.

The former lawmaker referenced claims by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which noted that the landing cost of diesel is around ₦1,250 per litre due to the naira’s recent appreciation against the dollar.

According to Oyintiloye, the high price of the product underscores the necessity of presidential intervention to adjust the pricing at the Dangote Refinery.

Highlighting the significance of local production, Oyintiloye emphasized, “Since the product is being produced locally without costs associated with the importation of the commodity into Nigeria, the price should be cheaper than what is being imported.”

Oyintiloye’s call for a review of diesel prices aims to ensure that the benefits of local production are passed on to Nigerian consumers, aligning with broader economic objectives and consumer welfare.