Post by Arise News (@arisenews)

Oil and gas consultant and Mauritz Walton Limited CEO, Dr Maurice Ibe, says Dangote Refinery’s decision to sell petroleum products in US dollars was inevitable because the refinery now sources about 70% of its crude from the international market and pays in dollars. Speaking on ARISE NEWS, he explained that pump prices will largely depend on movements in global crude oil prices, while a weaker naira could further increase domestic fuel costs by raising the cost of sourcing foreign exchange.

Dr Ibe also warned that escalating tensions in the Middle East could push global oil prices higher, leading to increased fuel prices in Nigeria. He criticised the failure of the naira-for-crude policy, blamed NNPCL for not supplying agreed crude volumes, and urged the government to urgently revive the country’s state-owned refineries to reduce dependence on a single supplier.

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