Despite the Dangote Petroleum Refinery’s full operation, petrol prices are soaring to record highs, leaving citizens grappling with the fallout.
The facility, Africa’s largest refinery, was expected to ease dependence on imported fuel and stabilise local prices.
However, global energy market fluctuations, exacerbated by geopolitical tensions involving Iran, have pushed crude prices above $100 per barrel, driving up fuel costs.
The refinery’s structural constraints, including limited access to local crude oil, have forced it to import at international prices, passing the cost to consumers.
With no national strategic fuel reserve, Nigeria’s economy is feeling the strain, with transport and food prices surging.
Labour groups are calling for relief measures, but federal authorities seem set on maintaining a market-driven pricing framework.
