Petroleum marketers have revealed that Chief Bola Tinubu acted on the recommendation of Aliko Dangote, President of the Dangote Group, in the total removal of the petrol subsidy.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), disclosed this during an interview with Daily post, following the recent fuel price increase by the Nigerian National Petroleum Company Limited (NNPCL) to N1,030 from N897 per litre.
This marks the third fuel price hike in two months under the current administration. Gillis-Harry explained that the continued rise in fuel pump prices reflects Tinubu’s adoption of Dangote’s call for complete subsidy removal and deregulation of the oil and gas sector, as outlined in the Petroleum Industry Act (PIA).
Gillis-Harry stated, “If indeed we listen to Aliko Dangote’s request in his Bloomberg interview on the fact that the President should remove subsidy completely and deregulate the downstream sector, maybe this is one step to ensuring that the Petroleum Industry Act is implemented.
Recall that in September 2024, Dangote in an interview with Bloomberg, called on the Nigerian government to completely remove fuel subsidy.
The recent hike in fuel prices has sparked criticism from the Nigeria Labour Congress (NLC) and the Centre for the Promotion of Private Enterprise, which argued that Nigeria is not yet ready for full deregulation of the petroleum industry.
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