Macro to micro… who will tell the president?, By Wole Olaoye
Supplying the Dangote Refinery and the modular refineries with 450,000 barrels of crude oil per day (bpd) settled in naira would directly stabilise and exert downward pressure on domestic petrol pump prices.
Direct allocation of crude to local refineries will allow them to pass cost savings downstream, lowering pump prices closer to the actual cost of domestic refining rather than international landing costs.
One of the biggest scandals of our current system is the sight of Dangote Refinery importing crude oil from the US only to sell petrol to Nigerians in naira.
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