SALUTATION OF DANGOTE REFINERY FOR KEEPING PMS PRICE STABLE AMID RISING CRUDE OIL PRICES

It is becoming increasingly clear that local refining is the way out of Nigeria’s PMS pricing crisis. For about two weeks now, the price of crude oil has gone up by about 15%, yet Dangote Refinery has maintained the price of PMS instead of passing the increase directly to consumers.

That is something worth acknowledging.

This is exactly why Nigeria needs more local refining capacity. When we refine our crude here, we are better positioned to protect consumers from the constant shocks of international oil prices and other external pressures.

The Dangote Refinery is indeed a blessing to Nigeria, and I believe this is just the beginning of what local refining can do for our economy.

Nigeria must continue to encourage and support local refining. We cannot continue to produce crude and depend heavily on others to refine it for us.