Why Nigerians experience high fuel prices — OPEC

Following the fuel price hike that sparked widespread concerns, with many pointing fingers at the Dangote Refinery,. the Organisation of Petroleum Exporting Countries (OPEC) has said  taxes imposed by major oil-consuming countries are the primary driver of increased fuel costs.

OPEC chief has debunked many Nigerians’ assumptions on the rising of oil prices directly benefiting oil producers at the expense of consumers; he declared 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 price

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.