Sunday Dare: Petrol Price Drop Linked to Tinubu’s Oil Reforms

The Presidency has attributed the recent reduction in petrol prices by the Dangote Refinery to oil sector reforms introduced by the administration of President Bola Ahmed Tinubu.

The President’s Special Adviser on Media and Public Communication, Sunday Dare, made the assertion while reacting to the refinery’s decision to cut its petrol gantry price from N828 per litre to N699, describing the development as an early dividend of the government’s reform agenda.

In a post on X, Dare said the latest price adjustment reflects the impact of policy choices taken by the Tinubu administration, particularly the removal of fuel subsidy and measures aimed at strengthening local refining capacity.

According to him, the Dangote Refinery has also introduced a 10 day credit facility for customers, backed by bank guarantees, with a minimum purchase requirement of 500,000 litres, a move he said underscores growing confidence and flexibility in the downstream market.

Dare argued that the administration’s naira-for-crude policy played a critical role in supporting local refiners, giving the Dangote Refinery the leverage needed to increase production and compete effectively within the market.

“The dividends of the oil sector reforms of the Tinubu administration are becoming evident,” Dare wrote, noting that subsidy removal allowed market forces to operate freely and encouraged competition across the sector.

He added that increased competition, particularly between local refiners and the Nigerian National Petroleum Company Limited, has contributed to the downward pressure on prices now being witnessed.

The presidential aide stressed that the gains recorded so far were the outcome of tough but necessary decisions taken by the administration, insisting that the reforms were designed to deliver long-term stability and affordability in the petroleum sector.

“We are where we are today because one man took the bold decision to end the subsidy trap and implement reforms,” Dare stated.

The development comes amid ongoing public debate over fuel pricing and the broader impact of subsidy removal, with the Presidency maintaining that sustained competition and local production will continue to deliver benefits for Nigerians over time.