Business
Middlemen Are Keeping Petrol Prices High in Nigeria — CORAN Says
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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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