The management of the Dangote Refinery has finally addressed the growing concerns regarding the latest petrol prices across Nigeria.
Despite the hope that domestic refining would lead to cheaper fuel, Managing Director David Bird revealed that the facility is heavily influenced by global market pressures.
Because the refinery operates without any subsidy support, it remains highly vulnerable to fluctuations caused by international events, such as geopolitical tensions in the Middle East.
According to Bird, the cost-of-living crisis currently hitting Nigerians is tied directly to these energy costs.
While many expected a drop in global crude oil prices to reflect at the local pumps, the reality is more complex.
Currently, petrol sells for N1,300 per litre on average, following a significant 20 per cent increase by marketers.
The refinery boss warned that even if global conflicts ended today, supply chain disruptions would likely cause high prices to linger for months.
He urged the Federal Government to look beyond just the price of crude and address the overall cost of doing business in Nigeria to help stabilize the economy.
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