Crude Oil Drops to $87, but Dangote Refinery Petrol Prices Stay High
By Aboki Forex —
Global crude oil prices have fallen sharply from the highs recorded during the recent Middle East supply scare. But petrol and diesel prices at Dangote Petroleum Refinery remain significantly elevated. This has raised fresh concerns among marketers and fuel retailers across Nigeria’s downstream sector.
Brent crude closed the week at $87.33 per barrel. U.S. West Texas Intermediate settled at $84.88 per barrel. The latest decline pushed Brent to its lowest level since early March. It signals a major reversal from the rally that sent oil prices soaring above $110 per barrel in May.
Industry analysts warn that refinery pricing factors go beyond crude oil rates. This complicates price adjustment discussions. Marketers had hoped lower crude prices would lead to cheaper petrol at the Dangote Refinery. That has not happened yet.
The global oil market has experienced one of its steepest corrections this year. This follows renewed optimism over diplomatic talks between the United States and Iran. At the peak of the Middle East tension-driven rally in May, Brent crude traded around $113.70 per barrel. WTI climbed to about $104.90 per barrel.