“The price will continue to rise because these middlemen are the elements that want to see that local refining is not sustained.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has blamed middlemen, FX volatility, and suspended Naira-for-crude deals for persistently high petrol prices despite global oil price drops. Brent crude recently fell to $64/barrel, but local PMS costs keep rising.
CORAN spokesperson Eche Idoko stated: “Middlemen want local refining to fail… FX, logistics, and profiteering push prices up.” The group cited MRS Oil’s recent pump price hike as evidence, despite Dangote Refinery’s involvement.
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