Why Dangote refinery increased fuel price by N396 per litre in seven days – Bird

The Chief Executive of Dangote Refinery, David Bird, said the 650,000-barrel-per-day works does not person discounted crude contempt the naira-for-crude deal.

He made this disclosure successful a media chat connected Monday released connected the company’s X account.

Bird was speaking successful defence of the refinery, which accrued the terms of petrol astatine the gantry from N396 per liter to N1,175 per liter.

According to him, the refinery is exposed to planetary commodity markets, including crude lipid prices, freight rates, insurance, and financing costs, which is the crushed for the incessant hike successful its petrol terms arsenic of the rising crude lipid price.

He stressed that import-dependent countries similar Nigeria are the worst deed amid the planetary lipid situation escalation.

“Key talking points from a media chat with the managing director/CEO of Dangote Petroleum Refinery, David Bird

“Dangote Refinery volition proceed to conscionable Nigeria’s substance request contempt planetary proviso disruptions and marketplace volatility.

“Domestic refining gives Nigeria proviso security, ensuring the state avoids substance shortages and queues adjacent erstwhile planetary markets are disrupted.

“Even nether the crude-for-naira arrangement, Nigerian crude is purchased astatine planetary benchmark prices, meaning the refinery does not person discounted crude.

“Import-dependent countries are worst deed arsenic the planetary lipid situation ...