Petroleum marketers have indicated that President Bola Tinubu has taken the advice of Aliko Dangote, the President of Dangote Group, by fully removing the petrol subsidy.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), shared this insight during an interview with journalists.
His comments followed the recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL), which raised the price from N897 to N1,030.
This latest price hike marks the third increase in just two months.
Gillis-Harry noted that the ongoing adjustments in fuel prices demonstrate that the Tinubu administration has responded to Dangote’s call for the complete removal of subsidies. However, he did not criticize the decision to raise fuel prices, stating that it aligns with the deregulation of the oil and gas sector as outlined in the Petroleum Industry Act.
“If we truly consider Aliko Dangote’s request during his Bloomberg interview for the President to eliminate subsidies entirely and deregulate the downstream sector, this could be a step towards the implementation of the Petroleum Industry Act,” he remarked.
It is worth noting that in September 2024, Dangote urged the Nigerian government in a Bloomberg interview to fully eliminate fuel subsidies.
The recent fuel price increases have faced backlash from the Nigeria Labour Congress (NLC), while the Centre for the Promotion of Private Enterprise has expressed concerns that Nigeria is not yet ready for complete deregulation of the petroleum industry.
