TRIBUNE
Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery.
But according to the Organisation of Petroleum Exporting Countries (OPEC), taxes imposed by major oil-consuming countries are the primary driver of increased fuel costs.
OPEC chief, Al Ghais, debunked many Nigerians’ assumptions that the rising oil prices directly benefit oil producers at the expense of consumers, adding that the assumption seems to be a total misconception.
OPEC also declared that multiple taxation is the major driver of rising fuel costs — not crude oil prices.
“The high cost of fuel at the pump is not merely a reflection of crude oil prices or refinery margins. Instead, a significant portion of what consumers pay is directed towards government taxes.
“It is important to recognise that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” Al Ghais pointed out.
READ THE FULL STORY IN TRIBUNE
