The Dangote Petroleum Refinery has explained why declines in international crude oil prices do not immediately translate into lower petrol prices in Nigeria, disclosing that it spent about $4.48 billion importing crude oil over the past two months under supply contracts negotiated before the recent downturn in global oil prices.
The clarification comes amid mounting public pressure on fuel marketers and refiners to cut pump prices following the sharp fall in crude oil prices after tensions in the Middle East eased and global oil markets retreated.
In a statement on Sunday, the 650,000 barrels-per-day refinery said petroleum products currently reaching the domestic market are being refined largely from crude inventories purchased weeks or months earlier at significantly higher prices than prevailing international benchmarks..CONTINUE FULL READING>>>
