Joe Ajaero, President of the Nigeria Labour Congress (NLC), has expressed concern that the recently inaugurated Dangote Petroleum Refinery could become a price dictator and fail to reduce the price of Premium Motor Spirit (PMS), also known as petrol.

This was stated by Ajero during an interview with Channels TV on Wednesday.

He praised the Dangote Refinery, but he is skeptical that the company’s operations will lower petrol prices for Nigerians, given its private sector monopoly status.

Owing to the fact that the Dangote refinery is the only refinery of its scale in operation, the NLC president believes the company has the potential to become a market dictator.

He warned that as a private sector player, Dangote Refinery might not be able to meet Nigerians’ fuel consumption volumes.

“First, I commend Dangote Refinery but the provision of having dictatorship of the market especially in the private sector is dangerous. Now that is what we are experiencing in the area of cement production. What is Dangote Refinery going to produce? Will it be enough?

“He has done enough to build a refinery. If three or four companies like that are refining then you are talking of competition.

“So, I think while we commend Dangote as a good Nigerian, we are talking about competition, we are talking of deregulation. So Dangote has done well, but can Dangote take care of 30% of the needs of Nigerians?”

Ajaero had criticized President Bola Tinubu’s public statement on the removal of fuel subsidy, calling it insensitive and capable of exacerbating the hardship of Nigerians. 

Condemning Tinubu’s statement, Ajaero said Tinubu’s public declaration has reduced the quality of Nigerian lives by 300 per cent.

“By his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of hope. He equally devalued the quality of their lives by over 300 per cent and counting.”

The Labour leader also insisted on Wednesday that the federal government reverse the new template that the Nigerian National Petroleum Company Limited (NNPC) unveiled, which showed a more than 180 percent increase in the pump price of petrol in the country.