High Fuel Prices Persist in Nigeria Despite Dangote Refinery's Rate Cut

Despite Dangote Refinery's anticipated relief, fuel prices in Nigeria remain high due to marketers exploiting price gaps for personal gain. The refinery sells Premium Motor Spirit (PMS) at ₦846/litre, but the pump prices have not dropped as expected.

Analysts reveal that marketers are manipulating the system by purchasing petrol at lower rates directly from the refinery and reselling it at higher prices, leading to significant profits. This practice is contributing to the persistence of high fuel prices across the country, with a widening disparity observed in regions like Lagos.

The situation highlights the challenges in the downstream sector and the need for regulatory measures to curb exploitative practices.