Ethnic Youth Leaders Defend Dangote Over Fuel Price Increase

Some socio-cultural groups under the aegis of Ethnic Youth Leaders in Nigeria have defended Dangote Refinery over what they described as a slight increase 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 N100 reduction announced last week.

The groups, in a statement by their deputy spokesperson, Mirabel Ashara, said the increase was a sequel to the fresh surge in global crude oil prices, which jerked up refining costs.

He appealed to Nigerians to show understanding with the Dangote Refinery as its decision was imposed by external forces and not at the whims and caprices of the company

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

The group insisted that the slight increase was 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.”

Ashara recalled how Dangote Refinery had assured Nigerians that it would ensure Nigeria was insulated from supply shocks by prioritising 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.