Post by Best Osebor (@MrBest)
Dangote buys crude oil from Nigeria
Refines it in Nigeria
Distributes it in Nigeria.
Wetin come concern Iran issues with the fuel price?
I really need to understand!
0 likes · 0 comments · 0 shares
Comments
Seun: NNPC only supplies 30% of the crude oil it needs; the Dangote refinery imports 60% of the crude oil it needs, mainly from the United States.
Seun: Crude oil prices are international; if the price of crude oil rises, gasoline prices will rise. If the price of crude oil falls, gasoline prices will fall.
Seun: NNPC took out loans backed by crude oil. The Dangote refinery buys virtually nothing from NNPC.
https://www.reuters.com/markets/commodities/afreximbank-disburses-925-million-crude-oil-backed-loan-nigerias-nnpc-2024-06-06/
https://www.reuters.com/markets/commodities/afreximbank-disburses-925-million-crude-oil-backed-loan-nigerias-nnpc-2024-06-06/
Seun: NNPC took out loans backed by crude oil. The Dangote refinery buys virtually nothing from NNPC.
https://www.premiumtimesng.com/business/616391-nnpcl-secures-3-billion-afrexim-bank-loan-to-support-fg-stabilise-fx-rates.html
https://www.premiumtimesng.com/business/616391-nnpcl-secures-3-billion-afrexim-bank-loan-to-support-fg-stabilise-fx-rates.html
Elsie: I dont understand at all
Henry Emeka: Dangote Refinery was officially opened on 22 May 2023 in Lekki, Lagos. Plans started back in 2013, and real operations picked up late 2023. Iran–USA issues have nothing to do with Nigeria’s fuel prices. We have crude, gas, and minerals — no reason for scarcity. It’s bad leadership and greed keeping...