Dangote refinery don explain why di price of petrol no dey fall as people expect, even as crude oil price don crash for world market. Di 650,000 barrel-per-day refinery wey Dangote own tok say di price cuts wey dem don make since May na because dem dey replace expensive crude wey dem buy before with cheaper ones, not because of day-to-day changes for Brent crude price.
For rare move, di refinery publish full record of every crude cargo wey dem receive for May and June, including di grades, shipment volumes, and how much e cost dem to land am for Nigeria. Dis kain transparency na first time for any Nigerian refinery, and e give market people chance see how refinery pricing really work.
Brent crude don fall to around $71 per barrel now, but fuel price for Nigeria no follow drop same way. Di Federal Competition and Consumer Protection Commission (FCCPC) don raise alarm, say dem suspect say consumers dey suffer exploitation for downstream petroleum sector. Ondaje Ijagwu, FCCPC Director of Corporate Affairs, for statement tok say di commission review gantry and retail prices and find out say di reductions wey local refiners, depot operators, marketers, and filling station operators make na too small, no match di fall for global crude oil prices.
But Dangote argue say people wey dey expect price to move with daily crude price no understand refinery business. Di company explain say crude oil wey dem dey use now na dem buy weeks or months ago, under contracts wey link to monthly average pricing, not spot market. Plus, dem pay extra for Dated Brent basis, market premiums, freight, and logistics, wey make di real cost higher than di Brent price wey media dey report.
Dangote say since end of May, dem don cut petrol price by more than N200 per litre, including latest N50 cut wey make am fourth reduction for one month. Dem maintain say dis approach make sure pricing dey based on actual production cost and inventory, not short-term fluctuations for international market. Di refinery also claim say dem deliberately absorb part of di increase for crude procurement cost instead of passing am to consumers, to support market stability and reduce inflation.
Di company add say as lower-cost crude wey dem buy recent weeks enter production cycle, Nigerians fit expect more price moderation, if international market conditions remain favourable. Industry analysts say dis disclosure give clear explanation of di lag between crude price movements and domestic fuel prices, and how inventory costs, long-term contracts, and logistics shape refinery economics.
