Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has warned Nigerians that the operation of the Dangote Refinery does not automatically mean petrol prices will fall.
Lokpobiri made the remarks while speaking on Channels Television’s Politics Today programme on Tuesday.
The minister said fuel prices are influenced by global market forces and other factors beyond the mere availability of a domestic refinery.
According to him, the Dangote Refinery’s ability to produce refined petroleum products locally does not insulate Nigeria’s downstream oil market from international pricing dynamics.
His comments come amid continued public expectations that increased domestic refining capacity, particularly from the 650,000-barrel-per-day Dangote Refinery, would significantly reduce petrol prices and Nigeria’s dependence on imported refined products.
The minister’s position suggests that while local refining could reduce some import-related costs and improve supply, pump prices will continue to be affected by movements in the global oil market and other market factors.
The debate over petrol prices remains a major economic issue in Nigeria, with consumers facing the impact of fluctuating fuel costs on transportation, food prices and the wider cost of living.
