Experts Back Dangote Refinery Amid Fuel Price Controversy

Energy experts have defended Dangote Petroleum Refinery against accusations of blackmail from fuel marketers regarding recent petrol price hikes. They assert that the refinery's price adjustments are a direct response to rising crude oil costs, which have surged due to geopolitical tensions in the Middle East.

David Okon, an energy expert, noted that the refinery's coastal price is N948 per liter, while the gantry ex-depot price stands at N995 per liter, reflecting different logistical arrangements in the petroleum distribution chain. The experts criticized marketers for misleading the public and attempting to manipulate perceptions about the refinery's pricing.

They warned that without local refining capacity, Nigeria could face severe fuel shortages and a resurgence of black market sales. Moham Ibrahim and Afolabi Olowooker highlighted that the current market conditions necessitate price adjustments and that the refinery has absorbed some costs to cushion the impact of rising crude prices, which have reached approximately $95 per barrel.