Pinnacle Oil & Gas Limited CEO, Mr. Robert Dickerman has called on the Federal Government to address economic distortions and global investor confidence to reduce pump prices in Nigeria.
Speaking at the 2024 Nigerian Association of Energy Correspondents (NAEC) annual conference in Lagos, Dickerman attributed the rising costs to the devaluation of the naira. He urged Nigerians to moderate expectations of significant price cuts from Dangote Refinery’s 650,000 barrels per day output.
Currently, petrol prices range between N850 and N1,000 per litre, driven by recent adjustments from the Nigerian National Petroleum Company Limited (NNPCL). Despite local production, Dickerman stressed that the key to lowering prices lies in restoring economic stability and boosting foreign investment.
He stated: “The large majority of price increases we have seen…are due to the fall in value of the naira.”
Dickerman also cautioned against the belief that Dangote Refinery’s production will drastically lower prices, emphasising that “the only sensible strategy for Dangote is optimisation.”