Skip to main content

CORON Seeks Government Intervention Over Rise In Cost Of Diesel



Salako Abimbola 

 The Crude Oil Refinery Owners Association of Nigeria has called on the Federal Government to urgently intervene, as the price of diesel nears N2,000 per litre, and that the development would worsen the cost of living.

CORAN, by its Publicity Secretary, Eche Idoko, stated that the rise in the price of diesel to nearly N2,000 per litre should concern Nigerians because the product was a major fuel for factories, farms, transportation, telecommunications and businesses. 

“Give Dangote the crude it requires. Give modular refineries access to naira-for-crude. Let Nigerian crude power Nigerian industry. Nigeria produces crude oil. Nigerians must begin to feel the advantage of being an oil-producing nation,” Eche Idoko said.

He therefore called on the Presidential Committee on Naira-for-Crude to guarantee adequate crude supply.The association stated that the increase in local diesel production would reduce Nigeria’s exposure to imported products, foreign exchange pressures, international freight costs and external market shocks.

Eche Idoko stated that the issue should not be viewed as a contest between the Dangote refinery and modular refineries, Nigeria’s existing modular refineries have an estimated installed capacity of about 35,000 barrels per day and could produce between 2.2 million and 2.8 million litres of diesel daily if they operate at full capacity, depending on their configurations and product yields.

 Dangote refinery reportedly produced about 19.1 million litres of diesel daily in July, adding that the combined potential output of the large and modular refineries could take domestic diesel production to between 21 million and 22 million litres per day.

Eche Idoko also urged the government to create commercially sustainable crude supply arrangements that would enable Nigerian refineries to operate closer to their installed capacities. Energy-sector reforms must wear a human face. At a time when Nigerians are struggling with inflation and businesses are fighting to survive, we must go beyond paying lip service to local refining.
Labels:

Comments

Post a Comment

Popular posts from this blog

LASUSTECH Emerges Winner at CIIN NextGen Insurers Knowledge Challenge

By Momoh Oluwateniola   Students of Lagos State University of Science and Technology (LASUSTECH) have emerged winners of the 2025/2026 NextGen Insurers Knowledge Challenge after scoring 14 points to beat students from University of Lagos with 12 points and Lagos State University with 10 points. The competition, organized by the Chartered Insurance Institute of Nigeria, was held on Thursday at the 700-Seater Auditorium, College of Applied Social Sciences (CASS), LASUSTECH, Ikorodu. UNILAG scored 12 points to come second, while LASU also participated. The quiz tested students’ knowledge of NIIRA 2025 and basic insurance ideas. Speaking at the event, CIIN officials said the aim was to help students understand insurance better and prepare for future careers. Guest speakers, including Seun Oyelere and Rilwan Sunmonu, encouraged students, while Banjo Kudirat Adeola advised them to stay focused on their studies. The Registrar/CEO of CIIN, Abimbola Tiamiyu, said the instit...
1 comment
Read more

The Tomorrow trap: why we procrastinate and how to break free

By Irikefe Oghenetega Victor It’s 11 p.m. in Lagos, and that major project due at 9 a.m.  is staring back at you from your laptop screen. Yet somehow, the work hasn’t started. Instead, you’re rearranging your playlist to create the “perfect” study vibe, finally replying to that group chat message from last week, or falling down an unexpected rabbit hole about why ancient Roman aqueducts were such a brilliant engineering feat. The minutes slip by. The clock seems to tick louder. A quiet sense of guilt begins to creep in, but the scrolling continues. For many university students, this cycle is all too familiar , an endless tug-of-war between looming deadlines and the irresistible distractions of the digital world. You're not lazy. You're human. Procrastination isn't a willpower deficit or a time-management glitch, it's an emotional rescue mission gone sideways. Modern psychology, led by researchers like Timothy Pychyl and Fuschia Sirois, frames it clearly: procrastinati...
3 comments
Read more

LASUSTECH, LIRS partners to Boost Tax Literacy Among Staff

By Okenu Favour  Lagos State University of Science and Technology in collaboration with Lagos State Internal Revenue Service partners to boost tax literacy among all university staff. The event will hold at the 500 seater auditorium, Ikorodu campus on the 12th of March 2026.  In a statement issued by the Department of Information and Public Relations, LASUSTECH, all staff were advised to make attendance of the programme a point of duty. "This important session will provide staff with valuable insights into the provisions of the new law and its impact on the employees of this university" he explained. Additionally, LASUSTECH partnership with officials from LIRS creates a platform where the employees can be informed on the implementation of the new tax law and how it affects them .They will ensure that adequate answers are given to any question raised during the meeting. The aim of this sensitization is to ensure full understanding of the changes and compliance ...
1 comment
Read more