Why Nigeria Needs More Private Refineries to Break the Fuel Monopoly

Monopoly in Nigeria’s petrol market keeps prices above ₦2,300 per litre. A few powerful interests and former NNPC executives allowed our refineries to decay so we must import fuel. With the Dangote Refinery now online, other private investors should build refineries too. More competition would drive prices down and ease the burden on everyday Nigerians. Every naira paid at the pump largely lines the pockets of these oil cabals. Opening the sector to more private players can challenge the monopoly and bring fuel closer to ₦2,000 per litre.

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