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Fuel Prices Reflect Market Realities, Nigerians Should Be Thankful For Having Refining Capacity — FG
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March 11, 2026
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March 11, 2026
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2:27Now PlayingAmid the hike in the cost of fuel, the Minister of Finance, Wale Edun, says the current prices reflect market realities and believes Nigerians should be thankful that the country can refine petroleum products.
With the Middle East crisis stretching into weeks, the cost of petroleum products has spiked in recent days, leading to a rise in transportation costs.
But Edun said the development is an interplay of the market forces.
“The market price for petroleum products is what has been instilled by Mr. President—a mechanism that was missing for so long. It is important to understand that this is not a one-way street,” the minister said during an exclusive interview, which was aired on Wednesday’s edition of Channels Television’s Politics Today.
“We have seen Dangote [Refinery] reduce prices from around 1,200 Naira to just over 1,000 or 1,050 Naira; those are the natural dynamics of the market.”
He said, “the resilience that the Nigerian economy has is coming largely from the fact that we do have that investment by the private sector, by Alhaji Aliko Dangote, in refining, and we need to support our refiners just as others are supporting them to keep petroleum products flowing.
“I think we should be thankful at this time for the capacity we have in Nigeria to refine crude into petrochemicals and petroleum products.”
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