Why petrol remains expensive despite local refining — Dangote

President of Dangote Group, Aliko Dangote, said local refining does not completely shield Nigeria from prevailing global crude oil prices and market disruptions, explaining why petrol remains expensive despite domestic production. In an interview with Arise Television, he said his refinery buys crude at prevailing international market prices and sometimes pays significant premiums, making it difficult to sell refined products below sustainable market levels. He described the notion of expensive fuel as relative, noting that petrol remains more expensive in neighbouring countries. Dangote also said a 30 percent interest rate is killing Nigeria's industrialisation and that Nigeria may not see another refinery without industry protection.

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