The Crude Oil Refinery Owners Association of Nigeria (CORAN) has shed light on why Nigerians are still paying high prices for petrol, even though global crude oil prices have dropped sharply.

According to CORAN, the main reasons behind the high cost of Premium Motor Spirit (PMS) include the recent halt of the Naira-for-crude arrangement, the activities of profit-driven middlemen, and the rising exchange rate of the dollar.

Speaking on the matter, CORAN’s spokesperson, Eche Idoko, pointed out that these factors have made it difficult for Nigerians to enjoy any real relief at the pump. Crude oil prices recently dropped to around $64 per barrel for Brent and roughly $59.7 for WTI. This decline followed a new round of tariffs and a surprise production cut announcement by OPEC+.

Despite the global price drop, local fuel prices in Nigeria continue to rise. Idoko explained that middlemen are playing a big role in keeping prices up and preventing local refining from thriving. He also mentioned that the cost of importing refined products, logistics, and foreign exchange challenges all add up to push petrol prices even higher.

At the moment, petrol prices in Nigeria range from N900 to N975 per litre depending on the area. This increase came shortly after several major players in the industry, including partners of the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL), raised their pump prices.

MRS filling stations, a partner of Dangote Refinery, have raised petrol prices to N930 per litre in Lagos and N950 per litre in Abuja.

On Saturday, the MRS station along Kubwa Expressway in Abuja was already selling at the new rate, marking an increase of N70 to N80 per litre from the previous prices of N860 and N880.

A motorist in Abuja reacted to the price hike, saying it was expected after Dangote Refinery announced that it had stopped selling petrol in Naira.

The refinery had revealed on March 19 that it would no longer conduct petrol sales in local currency, a move that has now led to adjustments in pump prices across several stations.

Other filling stations in Abuja have also increased their rates. Empire Filling Station in Gwarimpa, for instance, raised its price to N975 per litre from N945.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) maintained its pump price at N880 per litre in Abuja as of Saturday evening.

Korean soju, a clear, distilled liquor traditionally made from rice, has experienced a significant surge in popularity across the United Kingdom. This rise mirrors the growing appreciation for Korean cuisine and culture among British consumers.

Leading UK supermarkets, including Sainsbury’s, Tesco, and Lidl, have expanded their product ranges to include various soju brands. For instance, Sainsbury’s has introduced products like Jinro Chamisul Soju, which offers consumers the convenient access to this traditional Korean spirit.

Modern soju producers have introduced fruit-infused variants and creative packaging to appeal to younger audiences.

Flavors such as green grape, grapefruit, plum, and strawberry have become particularly popular. Brands like Jinro have capitalized on this trend, offering products like Jinro Green Grape Soju and Jinro Grapefruit Soju, which provide a sweeter, more approachable taste profile.

The rising interest in soju aligns with the broader wave of Korean cultural influence, often referred to as the “Korean Wave” or “Hallyu.” This encompasses the global popularity of K-pop, Korean cinema, and television dramas, which have collectively heightened curiosity about Korean culinary traditions.

According to a 2023 survey by the Department for Culture, Media and Sport (DCMS), 64.1% of British respondents expressed willingness to purchase Korean food and services, the highest rate in Europe.

HiteJinro, a leading soju producer, reports a remarkable average annual export growth rate of 73% to the UK over the past three years. This underscores the expanding market and the increasing acceptance of soju among British consumers.

Industry experts suggest that the innovative approaches of Korean drinks brands, including the introduction of single-serving flavored options and appealing packaging, have significantly contributed to this upward trend.