The CORAN representative contended that unless the government addressed the exorbitant cost of fuel, particularly by collaborating with the regional refiners, it would be impossible to combat the rising inflation rate. If the price of petroleum products is not addressed at the pump, inflation cannot be controlled. You cannot claim to have a plan to reduce inflation while excluding important industries like refineries; you must include us and let's collaborate.

Furthermore, CORAN claims that we can entirely cease importing petroleum goods in 18 months if the Nigerian government cooperates with our plans and initiatives. Refineries exist in varying states of completion. We can create what Nigeria will need in eighteen months, he said.

Idoko stated that there is enough crude oil in Nigeria to support Dangote and other refineries, but the main issue facing the upstream oil industry has been crude theft. The crude oil we have is sufficient to run these refineries, and fresh fields are getting licenses every day. Thus, crude will be available to supply the refineries. The everyday theft of crude is the reason for our declining production rate.

Crude theft will decrease if there are refineries nearby. Since most refineries are situated close to some of these fields, people steal crude through the pipelines. Because of this, producers of crude oil won't have to worry about pumping their product through pipelines to the export terminal. "The local refineries will simply transport their products to these locations by truck, short pipeline, or barge from their fields. Because dishonest people are stealing petroleum from the lengthy pipes, we are losing a lot of money, Idoko said.

According to the CORAN official, local refineries are expected to purchase crude oil from foreign oil corporations at a price that is less than the international price. He requested that the Federal Government make sure that the price of crude oil is expressed in naira rather than dollars, citing the possibility of lower fuel production costs and less pressure on the local currency. He asked the IOCs to start selling fuel directly to local refiners rather than sending them to their trading representatives in Europe, mentioning that stopping fuel imports would boost the naira against the dollar.

The NMDPRA boss had earlier warned that Nigeria could not rely heavily on the Dangote refinery for its fuel supply. According to him, the refinery had requested the regulator to stop giving import licenses to other marketers to be the only fuel supplier in Nigeria.

"We cannot rely solely on one refinery to feed the country. Dangote is asking that all petroleum product imports, particularly AGO, be suspended or stopped and that all marketers be directed to the refinery. This is not good for the country's energy security.  And because of monopolies, that is bad for the market," Ahmed emphasized. Aliko Dangote, the president of the Dangote Group, refuted the accusation, questioning how he could have a monopoly when the Nigerian National Petroleum Company Limited is spending $4 billion to renovate government-owned facilities. The Federal Government of Nigeria has been urged by many citizens to assist regional refineries and halt fuel imports.

They said they hoped this would drive down the price of gasoline and diesel at the pump. Dangote, who has been bemoaning the purported inability of foreign oil corporations to provide crude to his refineries, declared lately that he will start supplying gasoline between August 10 and August 12. However, if the current crude crisis continues, a Dangote Group official stated in confidence that the refinery may export its gasoline.

In a statement signed by their National Coordinator, Mrs. Bisi Bakare, the group—which operates under the auspices of the Pragmatic Shareholders Association of Nigeria—expressed shock at the regulator's accusations about the caliber of Dangote's fuel production. Bakare praised Dangote for making the audacious decision to build one of the biggest refineries in the world. She emphasized Dangote's resolve and patriotism by highlighting his significant investments, such as the refinery, and his dedication to the country's progress.

The majority of Dangote's business investments are made in the local area, she continued, and he has made sure to pay taxes, create a large number of jobs, and provide shareholders with steady profits.  The organization denounced what it called regulatory agencies' "unwarranted attempts to demarket the refinery." It issued a warning, stating that such measures might discourage foreign and local investment and jeopardize government efforts to guarantee fuel availability and maintain price stability. "We need to unite behind the Dangote refinery to offer vital support, like the distribution of crude oil, participation from foreign oil companies, and coordination with regulatory agencies," she stated.

According to Bakare, Nigeria may save approximately 30% of its foreign exchange expenditures on offshore refining if the refinery is built, which would greatly help the nation's foreign exchange problems. "As shareholders, we are unwavering in our commitment to supporting Alhaji Aliko Dangote's vision to strengthen the country's economy and expand opportunities for our citizens," the shareholder stated. IOCs criticized The Dangote Group Management maintained last week that the IOCs were still impeding the refinery's ability to provide crude oil to its 650,000-capacity facility. In a statement, the group alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude will continue to increase because the trading arms offer cargoes at $2 to $4 per barrel, above NUPRC.