Petroleum marketers have revealed that President Bola Tinubu’s decision to remove petrol subsidies entirely was influenced by the advice of Aliko Dangote, President of the Dangote Group.
This disclosure was made by the President of the Petroleum Products Retail Outlets Owners Association (PETROAN), Billy Gillis-Harry, during an interview with *DAILY POST*. The statement comes amid growing public concern over the latest hike in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL), raising the pump price to N1,030 from N897, marking the third price increase in just two months.
Gillis-Harry explained that the continued upward adjustments in fuel prices reflect the government’s alignment with Dangote’s recommendation, who had called for a total removal of fuel subsidies to implement deregulation in the oil and gas sector, as outlined in the Petroleum Industry Act (PIA).
“If indeed we listen to Aliko Dangote’s request in his Bloomberg interview… this is one step to ensuring that the Petroleum Industry Act is implemented,” he noted.
In September 2024, Dangote urged the Nigerian government to fully remove the fuel subsidy during an interview with *Bloomberg*. However, the latest price hike has sparked backlash, with the Nigeria Labour Congress (NLC) condemning the decision, while the Centre for the Promotion of Private Enterprise argues that Nigeria is not yet prepared for full deregulation of the petroleum industry.
Despite the public outcry, the Tinubu administration has maintained that the move is essential for the long-term growth of the sector.
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