Nigerians have appreciated President Bola Tinubu for ensuring fuel price stability throughout the fasting period, crediting the efforts of the federal government and the Dangote Refinery for the availability of petroleum products.
They say the situation is in sharp contrast to previous years when fuel scarcity and price hikes made Ramadan and Eid celebrations difficult.
In a statement on Sunday, Charles Mbakwe, President of the Nigerian Citizens Rights Advocacy Network (N-CRAN), praised the Tinubu administration and the Dangote Refinery for shielding Nigerians from a potential fuel crisis.
“For the first time in years, Nigerians did not have to battle fuel shortages during Ramadan or Eid-el-Fitr. This is not by accident. The federal government’s commitment to ensuring product availability and the efficient operations of the Dangote Refinery played a huge role in stabilising the market,” he said.
He, however raised concerns over the Nigerian National Petroleum Company Limited (NNPCL) and its policies, particularly the dollar-for-crude exchange system, which critics argue has deepened economic hardship.
Mbakwe, however, criticised the NNPCL, describing its handling of petroleum reforms as “a textbook case of incompetence”.
“The dollar-for-crude policy is one of the most reckless and poorly thought-out economic decisions in recent history. By insisting on trading crude oil strictly for dollars, the NNPCL has put unnecessary pressure on the naira, starved local refineries of crude, and worsened the cost of living for millions of Nigerians,” he added.
“The dollar-for-crude policy introduced under by the NNPCL leadership prioritises crude oil exports to earn foreign exchange rather than supplying domestic refineries. This has forced many local fuel marketers to rely on imported petroleum products, exposing Nigeria to international price fluctuations and worsening inflation.”
Mbakwe noted that without the intervention of the Dangote Refinery, the situation could have been catastrophic.
“Imagine if we were still relying solely on imported fuel—by now, we would be seeing pump prices above ₦2,000 per litre,” he said. “The fact that Nigerians still have access to fuel at relatively stable prices is a testament to what local refining can achieve.”
He also urged the federal government to prevail on the NNPCL to prioritise local refining over crude exports, warning that the continued implementation of the dollar-for-crude policy would further weaken the naira and worsen economic hardship.
“If we are serious about economic recovery, we must ensure that local refineries get the crude they need to serve Nigerians first before selling to the international market,” he added.
Mbakwe extended warm wishes to the Muslims on the occasion of the Eid-el-Fitr, urging them to uphold the values of peace, unity, and generosity that define the season.
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