Even though global crude prices have dropped—recently reaching levels around $64 per barrel for Brent and $59.7 for WTI—Nigerians continue to face high fuel prices. The Crude Oil Refinery Owners Association of Nigeria (CORAN) has attributed this disconnect to several factors. These include the suspension of Naira-for-crude transactions, profiteering by intermediaries, and the effects of a weakening foreign exchange rate, which together keep local petrol prices elevated.
Eche Idoko, a spokesperson for CORAN, explained that these dynamics, compounded by logistical challenges related to shipping refined products, ensure that fuel prices remain high despite lower international crude rates. This situation is underscored by the pricing observed at MRS filling stations, where costs range between N900 and N975 per litre. The current price scenario has been further intensified by recent policy impasses involving key players like Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Source: dailypost.ng
