Why fuel prices remain above ₦1,000 per litre — PETROAN President

PETROAN president Billy Gillis-Harry says international crude oil price volatility, not local factors, is why Nigeria’s fuel price has not dropped below ₦1,000 per litre despite Dangote Refinery’s price cuts.

WHY FUEL PRICES ARE NOT BELOW ₦1,000 PER LITRE — GILLIS-HARRY

Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria, has explained why fuel prices remain above ₦1,000 per litre despite Dangote Refinery’s recent cuts, DAILY POST reports.

Speaking in an interview on Monday, after downstream stakeholders met the federal government on cost-reflective pricing, Gillis-Harry said pump prices are tied to volatile international crude prices rather than local expectations. He noted that crude, though down to $72 per barrel, rose to $73 even during the stakeholders’ meeting.

DAILY POST reports that gantry price reductions at Dangote Refinery and depots have pushed retail pump prices to between ₦1,150 and ₦1,299 per litre in Abuja and environs, though Nigerians and the federal government are pushing for further cuts.