Fuel price hike: Dangote’s evil monopoly destroying Nigeria – Adeyanju

Human rights advocate Deji Adeyanju has criticized industrialist Aliko Dangote, accusing him of attempting to monopolize Nigeria’s petroleum sector through recent fuel price increases.

In a statement titled “Sudden fuel price increment: Dangote evil monopoly destroying Nigeria”, Adeyanju alleged that the Dangote Refinery raised the pump price of fuel by more than 100 percent, linking the decision to the ongoing conflict in Iran and escalating tensions in the Gulf region.

Adeyanju questioned the rationale behind the hike, arguing that the refinery sources its crude oil locally within Nigeria. He also referenced a Federal Government policy that allows the Nigerian National Petroleum Company (NNPC) to sell crude oil to the refinery in naira, a move designed to stabilize domestic supply and shield local pricing from foreign exchange volatility.

According to him, the refined petroleum products currently in circulation were processed before the recent spike in hostilities in the Gulf, making the price adjustment difficult to justify.

He further raised concerns about what he described as the refinery’s near-monopoly status in the downstream sector, suggesting that limited competition may be enabling unilateral pricing decisions. Adeyanju accused the company of leveraging geopolitical instability to its advantage while ordinary Nigerians struggle with economic hardship.

Adeyanju said:

“Aliko Dangote has hiked the pump price of fuel by over 100%, due to the war in Iran. Yet, the Dangote Refinery purchases crude oil domestically from Nigeria, and the President even approved that the Nigerian National Petroleum Company (NNPC) sell crude oil to the Dangote Refinery in naira.

“What I find even more troubling is the fact that the products currently being supplied were refined long before the recent escalation of hostilities in the Gulf region.

“Why then should Nigerians bear the burden of a price increase tied to events that did not affect the cost of already-refined stock?

“Sadly, because the refinery operates in a near-monopoly position, the government appears either unwilling or unable to call it to order.

“This amounts to unprecedented wickedness, as the Dangote Refinery appears to be profiting from the misfortune of war at the expense of already impoverished Nigerian citizens.”