Human rights activist and lawyer Deji Adeyanju has criticised billionaire industrialist Aliko Dangote over the recent hike in petrol pump prices, describing it as “wickedness” and accusing the Dangote Refinery of exploiting its dominant market position.
In a statement titled “Sudden Fuel Price Increment: Dangote Evil Monopoly Destroying Nigeria,” Adeyanju questioned the justification for the reported increase of over 100 percent in the pump price of fuel, which has been linked to rising global oil prices amid tensions in Iran and the wider Gulf region.
“Aliko Dangote has hiked the pump price of fuel by over 100%, due to the war in Iran,” Adeyanju said. “Yet, the Dangote Refinery purchases crude oil domestically from Nigeria, and the President even approved that the Nigerian National Petroleum Company sell crude oil to the Dangote Refinery in naira.”
He argued that the refinery’s access to domestically sourced crude, combined with the naira-based supply arrangement, should shield Nigerians from sharp price fluctuations tied to international geopolitical developments.
“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,” Adeyanju stated.
“Why then should Nigerians bear the burden of a price increase tied to events that did not affect the cost of already-refined stock?”
The activist further alleged that the refinery’s market position has limited competition in Nigeria’s downstream petroleum sector, leaving consumers vulnerable to unilateral pricing decisions.
“Sadly, because the refinery operates in a near-monopoly position, the government appears either unwilling or unable to call it to order,” he said.
“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.”
Adeyanju called on the Federal Government and relevant regulatory agencies to ensure transparency in fuel pricing and prevent what he described as exploitative practices.
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