The Economic Freedom Fighters (EFF) Nigeria has appealed to the Dangote Group to reconsider their decision on setting the price of diesel at N1,000 per litre. The group made this call through its National Coordinator, Comrade TN Timkat in Jos, while reacting to the economic hardship being faced by Nigerians.
According to an International Human Rights Activist who serves as the National Coordinator of EFF Nigeria, Comrade Timkat said that the Dangote Group should reconsider their decision to sell diesel at N1,000 per litre. He argued that since the product is now produced locally and all costs of importation, foreign taxation, transportation, and foreign currency exchange rates have been eliminated, Dangote’s decision is still too expensive and should be urgently reviewed.
Speaking with media practitioners in Jos, Comrade Timkat, an economic expert, explained that Dangote Group’s decision to set the price of diesel at N1,000 per litre demonstrates a monopolistic approach in the Nigerian market.
Comrade Timkat further argued that N1,000 is still an expensive price, considering the following factors:
👉 There is no longer a cost of transporting crude oil to foreign countries for refining.
👉 There is no longer a cost of foreign taxation.
👉 There is no longer a cost of exchange rates for buying refined products.
👉 There is no longer a cost of importation.
So why charge N1,000 per litre for diesel? 🤷♂️
What is the rationale for setting N1,000 for a product that is locally produced with 95% of its raw materials acquired locally? 🤷♂️🤷♂️ He lamented.
The National Coordinator, Comrade Timkat also called on His Excellency, President Bola Ahmed Tinubu to create opportunities for other investors to start refining petroleum products in Nigeria in order to ensure competition. He believes that what Dangote is doing in Nigeria amounts to monopoly and market marginalization.
EFF Nigeria suggests a benchmark standard of N300 or less for selling diesel per litre.
Date: 18th April 2024
