00:01In spite of its status as an oil-producing country, Nigeria is highly vulnerable to price fluctuations linked to the
00:08U.S.-Israel war on Iran.
00:10However, in order to avoid shortages, the nation can rely upon billionaire Aliko Dangote's refinery in Lagos,
00:17which is capable of processing some 650,000 barrels of crude oil per day.
00:23On Tuesday, the refinery slashed the price of gasoline and diesel, in line with the overall price of crude oil.
00:31The president of the Petroleum Products Retail Outlets Owners Association of Nigeria has praised the Dangote refinery.
00:38Billy Gillis-Harry said, quote,
00:40Given the volatility of prices, the Dangote refinery is our salvation.
00:45Earlier this week, the new director of the refinery said it is still operating at full capacity.
00:53However, he added that regulatory costs imposed by government agencies are weighing heavily.
01:01The End
01:01The End
01:02The End
01:02The End
01:02The End
01:02The End
Comments