Cheaper crude needed to stabilise fuel prices — Experts
Lagos, Sept. 2026 (TBL African) and gas experts have urged the Federal Government to commit a certain volume of crude oil to domestic refineries at a reduced rate to help stabilise petrol prices in the country.
The experts made the call in separate interviews with on Sunday in Lagos.
Dangote Petroleum Refinery on Thursday increased its Premium Motor Spirit (PMS) gantry price by N85 per litre, from N1,265 to N1,350, putting fresh pressure on petrol prices nationwide.
Prof. Stephen Ogaji, General Manager, Commercial and Business Development, Niger Delta Power Holding Company Ltd. (NDPHC), said the government had not provided sufficient crude oil to the Dangote Refinery.
According to him, the refinery has to import crude, including from the United States.
“He buys crude at international prices and his cost must reflect this.
“If Nigeria must get cheaper petrol, it must commit and give a certain volume of crude at a reduced rate, not only in naira payment, so that the local price can be stabilised and moderated,” he said.
Also, Dr Ayodele Partner and Chair of the Energy and Natural Resources Practice Group at Bloomfield Law Practice, said the increase in the pump price of petrol was not necessarily a Nigerian failure, but the result of a deregulated market facing geopolitical shocks.
According to him, the price of Brent crude rose from about 100 dollars to 107 dollars per barrel following disruptions in the Strait of Hormuz, while the landing cost of imported petrol had risen above N1,310 per litre.
“Dangote’s N1,350 gantry price is simply a pass-through.
“The uncomfortable truth is that Nigeria is now importing the world’s crude price twice over: as a producer, we earn more, but as a consumer, we pay more.
“Even with naira-for-crude, the refinery’s feedstock is priced off the same international benchmark that is hurting motorists,” he said.
Oni said the subsidy era provided Nigerians with cheaper petrol but left the country with significant fiscal challenges.
“A deregulated market gives us expensive petrol and the fiscal room to help those who genuinely need it.
“The test of this government is whether it uses that room,” he said.
