Experts Urge Nigerian Government to Provide Cheap Crude Oil to Stabilize Fuel Prices

Oil and gas experts have urged the Nigerian government to provide domestic refineries with a certain volume of crude oil at a reduced rate to stabilize fuel prices.

The call comes as Dangote Petroleum Refinery increased its Premium Motor Spirit (PMS) gantry price by N85 per litre, from N1,265 to N1,350, putting pressure on petrol prices nationwide.

Prof. Stephen Ogaji, General Manager of Commercial and Business Development at Niger Delta Power Holding Company Ltd., said the government had not provided sufficient crude oil to Dangote Refinery, which has been forced to import crude from countries like the United States.

According to Ogaji, the refinery buys crude at international prices, and its cost reflects this. He emphasized that for Nigeria to get cheaper petrol, it must commit to providing a certain volume of crude oil at a reduced rate.