Ethnic Youth Leaders Defend Dangote Over Fuel Price Adjustment

Socio-cultural groups under the aegis of Ethnic Youth Leaders across the country have defended the Dangote Refinery over what they described as a slight rise in petrol price.

The Dangote Petrochemical Refinery had raised the ex-depot price of petrol to N1,175 per litre in Nigeria, reversing an earlier reduction of N100 announced last week.

The Ethnic Youth Leaders, in a statement by their Deputy Spokesperson, Mirabel Ashara, said the increase is sequel to the fresh surge in global crude oil prices, which has pushed up refining costs.

The statement appealed to Nigerians to show understanding towards the Dangote Refinery, noting that the decision was imposed by external forces and not taken at the whims and caprices of the indigenous oil firm.

According to the group, the development is due to “the conflict in the Middle East which led to the shutdown of some refineries and cuts in refinery production across the world, leading to a global scarcity of petroleum products, while China banned the export of gasoline and diesel.”

The Ethnic Youth Leaders insisted that the slight increase is “a reflection of the surge in global crude oil prices, in which Brent crude has moved from around $91 per barrel to about $100 per barrel, and that increase feeds directly into the cost of refining.”

They recalled that the Dangote Refinery had earlier assured Nigerians that it would ensure the country is insulated from such supply shocks by prioritising supply to the domestic market.

“As we earlier stated, Dangote Refinery has demonstrated the good intentions of saving Nigeria from the impending oil crisis, and what is required of all of us is to show understanding, as the entity is now truly handicapped,” the statement added.