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Dangote refinery says it is still processing crude oil bought at higher prices despite the recent drop in global oil pricesThe refinery urged the federal government to ask licensed fuel importers to reduce their prices if they are importing cheaper productsWhile the government has warned against profiteering, fuel marketers insist they will stop selling petrol if authorities attempt to impose price controls
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Motorists hoping for a sharp reduction in petrol prices may have to wait longer, as industry insiders say pump prices are unlikely to drop below N1,000 per litre in the near term unless fuel importers trigger aggressive competition with the Dangote Petroleum Refinery.
The expectation of cheaper petrol followed the recent decline in global crude oil prices to around $70 per barrel after oil shipments through the Strait of Hormuz gradually resumed.
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