Petrol Prices Remain High Despite Dangote Refinery Cuts

The article discusses the current petrol pricing situation in Nigeria, where, despite a reduction in the refinery price by Dangote Petroleum Refinery to N1,200 per litre, petrol is being sold at N1,330 per litre in Lagos. A check revealed that some marketers are selling petrol at prices as high as N1,300 to N1,330 per litre.

The transport fares have also surged, with commuters paying N2,600 from Ikorodu to Mile 12, compared to N1,500 previously. The Nigerian daily petrol demand is between 50 to 53 million litres, which continues to outpace domestic refining capacity.

Colman Obasi from the Nigerian Oil and Gas Service Providers Association highlighted the need for government intervention to stabilize prices and support critical sectors. The global oil market is reacting to tensions in the Middle East, with Nigerian Bonny Light crude rising to $110 per barrel.

The article emphasizes the structural supply deficit in Nigeria's oil market and the need for policy clarity to reinforce investor confidence.