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Nigerians may see lower fuel prices as import costs drop below local refinery ratesThe price gap pressures local refineries to adjust amid falling global crude pricesPETROAN urges stakeholders to pass on savings from lower crude prices to consumers
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerians may soon enjoy lower fuel prices as the landing cost of imported petrol has dropped significantly below the ex-gantry price offered by local refiners, including Dangote Refinery.
This marks the second time in June that imported petroleum products have become cheaper than locally refined supplies, a development driven largely by the recent decline in global crude oil prices.
Marketers import petroleum products more cheaply than Dangote Refinery. Credit: NurPhoto/ContributorSource: Getty Images
Industry analysts attribute the price drop to easing geopolitical tensions following the fragile truce between the United States and Iran.
The development has eased fears of
