Experts Accuse Marketers of Blackmailing Dangote Refinery

Energy experts have revealed that fuel marketers are attempting to blackmail Dangote Petroleum Refinery regarding the recent increase in petrol prices. David Okon, an energy expert, stated that the refinery's price adjustments are a direct response to the sharp rise in global crude oil prices, which have escalated due to geopolitical tensions in the Middle East.

The refinery has absorbed some costs to cushion the impact of these crises. Previously, petrol was sold at N774 per liter when crude oil was priced at $68 per barrel, but with current prices around $95 per barrel, it is unsustainable to maintain old rates.

The experts highlighted that the coastal price of petrol is N948 per liter, while the gantry ex-depot price is N995 per liter, reflecting different logistical arrangements. Moham Ibrahim criticized the narrative suggesting that the refinery's price adjustments are exacerbating economic hardships, arguing that such claims mislead the public and undermine local refining efforts.

Afolabi Olowooker noted that while Nigerians expect cheaper refined products, global crude prices significantly influence local pricing.