In response to the recent revelation by the Nigerian National Petroleum Company Limited (NNPCL) that it bought fuel from the Dangote Refinery for N898 per litre, the Coalition of United Political Parties (CUPP) has taken action.

As Nigerians’ anticipation for a decrease in the price of fuel at the pump wanes, the news has provoked intense disagreement and resentment.

According to CUPP, there are now serious concerns regarding production costs, transparency, and the purported ongoing exploitation of the Nigerian people.

The CUPP’s National Secretary, Chief Peter Ameh, issued a statement that stated, “The high cost of fuel purchased from Dangote Refinery is unjustifiable, especially considering the absence of tariffs, landing costs, and port charges.”

When crude oil is provided in local currency, the production costs of the refinery should be considerably reduced. To support the outrageous pricing of N898 per litre, Dangote Refinery must offer a thorough analysis of its production costs.

It is concerning how opaque and accountable the pricing system is. The NNPCL’s disclosure points to a plot to use a backdoor to maintain the unfair pricing regime.

This calls into question the real benefits of local refining and undercuts the advantages of domestic refining.

Moreover, the objective of having a refinery in the nation is defeated because the average customer cannot afford the high cost of petroleum per litre. Because petrol is more expensive than usual, disadvantaged Nigerians are still exploited.

The disclosure made by the NNPCL emphasises the necessity of responsibility, openness, and national assembly regulatory control in the energy industry.

“Dangote Refinery is required to submit a comprehensive breakdown of its production costs, and the NNPCL is required to bargain for reasonable rates.

“Pricing methods must be monitored by the independent regulatory agency, which the government must permit to safeguard consumers from exploitation.

Nigeria will then be able to realise the full potential of its own refineries and guarantee that its people have access to cheap electricity.