29/09/2025
𝐓𝐡𝐞 𝐐𝐮𝐢𝐞𝐭 𝐚𝐭 𝐭𝐡𝐞 𝐏𝐮𝐦𝐩𝐬 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐏𝐫𝐢𝐜𝐞 𝐨𝐟 𝐚 𝐃𝐞 𝐅𝐚𝐜𝐭𝐨 𝐌𝐨𝐧𝐨𝐩𝐨𝐥𝐲
By Temple Chinalu Barrah
The filling stations around where I live have petrol; yet attendants sit idle. There are no queues and no rush, only silence. This silence tells a bigger story. Nigerians no longer fear scarcity alone. We fear uncertainty.
This was deepened last week when Dangote Industries announced it would suspend sales of petrol in naira. The reason is that its crude-for-naira allocation had run out. Government quickly intervened and the refinery reversed the decision. However, in those few hours the country panicked when Marketers warned prices would rise.
At the same time, PENGASSAN, the oil workers’ union, ordered members to cut off crude and gas supplies to the refinery; following the dismissal of hundreds of workers and claims that staff were being replaced by foreigners; plunging Dangote into troubled waters.
However, there is the danger of Nigeria’s current path. We have placed too much power in the hands of one refinery. With 650,000 barrels per day capacity, Dangote Refinery dominates the market.
My fear is when one company can decide how petrol is sold and at what price, the entire country becomes hostage to a de facto monopoly.
In a healthy market, a problem in one refinery is absorbed by others. In this case, a single boardroom decision about pricing, exports or staffing has a ripple effect. It creates panic at the pumps even when fuel is available.
The consequences are real. A union shutdown of crude supply can stop operations overnight. A change in currency policy can send prices soaring. A mass dismissal of workers can trigger unrest. Ordinary Nigerians, not the boardroom or the ministry, pay the price in higher transport fares and food costs.
The naira-for-crude deal was sold as a permanent solution to stabilise fuel prices but can run out at any moment. Its suspension or reversal shows how fragile our frameworks are. This uncertainty destroys trust in both government and industry.
What must change? First, Nigeria must diversify. One refinery cannot carry a nation of 200 million people. Others must be encouraged to enter the market.
Second, the naira-for-crude policy must be clear, transparent and enforceable. Rules must protect both the refinery’s balance sheet and the consumer’s pocket.
Third, labour disputes must never threaten national supply. Workers’ rights must be respected, however I'm at loss if unionism is mandatory in privately owned companies as suggested by NUPENG.
Finally, Nigerians deserve consistent communication. Uncertainty is the real crisis. Clear rules and honest engagement will rebuild trust.
The quietness at some pumps; is not about fuel availability. It is about the fear of tomorrow!
Nigeria can and must fix this; with stronger policy, more competition and genuine trust, we can secure continuous supply of petroleum products.
And yes, with the right choices, ₦500 per litre is possible.
