Post by Arise News (@arisenews)

At $72 Per Barrel of Brent, the Realistic Price of Petrol Is Below ₦800 - Agule

Pump prices of petroleum products must move with international benchmarks. For a refinery, crude oil is the biggest cost item. If the cost of your input changes, you are expected to change the output price. Nigerians should be grateful to Dangote Refinery. Without its output, the Iran-U.S. war would have punished Nigerians grievously. However, Dangote is a major player — some would call it a monopoly — and government needs to regulate a monopoly more stringently.

Nick Agule, Energy Expert

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