Marketers can now negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.
Oil prices extended gains yesterday, with Brent nearing $80 to build on last week’s steepest weekly jump since early 2023.
Amidst the tension, the global oil prices have remained volatile with the likelihood of a barrel of crude climbing to $100 later this month.
Meanwhile, Nigerians’ expectations that the 650,000-barrel Dangote refinery would crash the petrol price have not been met.
“The likely consequence is an increase in crude oil prices and without some subsidy, pump prices will increase correspondingly with increasing crude prices,” he said...
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