Why Nigerians still pay more for fuel despite falling crude prices – refiners
Members of the Crude Oil Refinery Owners Association of Nigeria called CORAN presented the reasons Nigerians still pay high Premium Motor Spirit costs during the falling oil prices.
The local petrol prices remain high because CORAN demonstrates the suspension of Naira-for-crude deals combined with middlemen profiteering and increasing foreign exchange rates.
During the response to the worldwide crude oil price decline Eche Idoko from CORAN released this statement.
The crude oil market reached its lowest point where Brent traded at $64 per barrel while WTI traded at $59.7 during the weekend period according to Diaspora Lens.
The world has observed an ongoing decrease in crude prices starting from Jeff Sessions’ tariff implementation through an unpredictable aluminium reduction from OPEC+.
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Nigerian refined product prices including fuel continue to rise contrary to the declining global market rates.
Idoko explained that middlemen will continue to increase prices since they desire the death of local refining operations.
The three factors creating rising fuel prices include monetary exchange costs as well as shipping expenses and additional price marks added by intermediaries. The complete collection of various uncertainties drives petroleum product costs to rise across Nigeria.
Petrol pump price elevations occurred last week when MRS filling stations joined forces with Dangote Refinery, Nigerian National Petroleum Company Limited and additional entities.
People who reside in different Nigerian locations spend between N900 and N975 per litre on petrol for their vehicles.
Dangote Refinery halted petrol product markets in Naira currencies on 19th March 2025 after officials from NNPCL and Naira-for-crude failed to reach a sales agreement.
