LAGOS, Nigeria (ChatnewsTV) — Petroleum marketers have revealed that President Bola Tinubu adopted the advice of Aliko Dangote, President of the Dangote Group, in fully removing Nigeria’s fuel subsidy—a move that has contributed to the recent surge in petrol prices.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), made the disclosure during an interview with Daily Post, following the latest fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL). The pump price was raised from ₦897 to ₦1,030 in Abuja, marking the third increase in just two months.
According to Gillis-Harry, the frequent adjustments in fuel prices are in line with Tinubu’s adherence to Dangote’s call for total subsidy removal. He cited Dangote’s interview with Bloomberg in September 2024, in which the business magnate urged the Nigerian government to fully deregulate the oil and gas sector.
“If indeed we listened to Aliko Dangote’s request… that the President should remove the subsidy completely and deregulate the downstream sector, maybe this is one step to ensuring that the Petroleum Industry Act is implemented,” Gillis-Harry stated.
The fuel price hikes have sparked widespread criticism, including from the Nigeria Labour Congress (NLC), which condemned the government’s move. The Centre for the Promotion of Private Enterprise also expressed concerns, arguing that Nigeria is not yet ready for full-blown deregulation of the petroleum industry.
Despite the backlash, Gillis-Harry maintained that the price increases were consistent with deregulation, as outlined in the Petroleum Industry Act, signaling the government’s continued shift away from subsidized fuel prices.
The rising cost of petrol has added to the economic pressures facing millions of Nigerians, who are already grappling with inflation and high living expenses.
