Data suggests that falling petrol prices, which started in November 2024, are a result of naira's appreciation by 9.87 percent (December- February). Global crude oil price has been relatively stable. Again, it should also be noted that Dangote, which seems like a price setter right at the moment, has been enjoying economies of scale, which lower per-unit costs of refined fuel. Experts have suggested that as the refinery nears its full refining capacity, which is currently at 85 percent, the falling trend may continue.
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