Nigeria’s Finance Minister Wale Edun has told Nigerians to be grateful for the country’s local refining capacity, even as soaring fuel prices continue to squeeze household budgets and push up the cost of living across the country.
Speaking on Channels Television’s Politics Today on Wednesday, Edun defended the rising cost of petroleum products, attributing it to global market forces particularly the ongoing conflict in the Middle East rather than government policy failure.
“The market price for petroleum products is what has been instilled by Mr. President,” the minister said, framing the price increases as proof that a long-absent market mechanism was finally functioning as intended.
Edun pointed to recent price movements at the Dangote Refinery as evidence the system was working, noting that the refinery had adjusted its pump prices downward from around ₦1,200 to just above ₦1,000 per litre following a dip in global crude benchmarks — after raising prices three times in quick succession.
The minister credited the Dangote Refinery, Africa’s largest with a capacity of 650,000 barrels per day, as a key pillar of Nigeria’s economic stability. He urged Nigerians to support local refiners rather than criticise the price environment they operate in.
“The resilience the Nigerian economy has is coming largely from that investment by Alhaji Aliko Dangote in refining,” he said. “We need to support our refiners just as others are supporting them to keep petroleum products flowing.”
Despite widespread frustration over the compounding effect of fuel costs on transportation and everyday goods, Edun remained upbeat about Nigeria’s economic trajectory.
“We are on our way out of the woods. We can see the light at the end of the tunnel as long as we stay the course,” he said.
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