Socio-cultural groups operating under the umbrella of Ethnic Youth Leaders across Nigeria have defended the Dangote Petrochemical Refinery over the recent increase in the ex-depot price of petrol.
The refinery had raised the ex-depot price of Premium Motor Spirit (PMS) to N1,175 per litre, reversing an earlier reduction of N100 announced earlier in the week.
In a statement issued by the group’s deputy spokesperson, Mirabel Ashara, the youth leaders said the price adjustment was triggered by external global market pressures rather than the decision of the indigenous refinery.
They explained that the development followed a fresh surge in global crude oil prices, which has increased the cost of refining petroleum products.
The group appealed to Nigerians to show understanding, noting that the refinery’s decision was imposed by prevailing international market conditions.
According to them, the development was linked to conflicts in the Middle East, which have reportedly led to the shutdown of some refineries and reduced global refining output.
They also noted that China’s decision to restrict the export of gasoline and diesel had contributed to tightening supply in the global petroleum market.
The youth leaders said the marginal increase in the price of petrol reflects the surge in global crude prices, noting that Brent crude oil has risen from about $91 per barrel to nearly $100 per barrel, a development they said directly affects refining costs.
They recalled that the Dangote Refinery had earlier assured Nigerians that it would prioritise domestic supply to help shield the country from global supply shocks.
The group added that the refinery had demonstrated its commitment to helping Nigeria avoid a looming oil supply crisis.
“As we earlier stated, Dangote Refinery has demonstrated good intentions in saving Nigeria from an impending oil crisis. What is required of all of us is to show understanding, as the entity is currently facing constraints beyond its control,” the statement added.
Global oil prices have risen sharply in recent hours following escalating tensions in the Middle East involving the United States, Iran and Israel.
The geopolitical crisis has heightened fears of disruptions to global crude supply, particularly around the strategic Strait of Hormuz, one of the world’s most critical oil transit routes through which roughly 20 per cent of global oil shipments pass daily.
The Guardian
