The Chief Executive Officer of Dangote Refinery, David Bird, has explained the reasons behind the recent increase in petrol prices in Nigeria.

During a briefing on Monday, Bird said the Nigerian government sells crude to the refinery at international benchmark-related prices.

He also noted that the refinery buys additional Nigerian crude on the open market in US dollars, which adds further costs to fuel production.

Bird added that the Dangote Refinery is designed around Nigerian crude and actively seeks more Nigerian crude cargoes. However, purchasing extra crude at market rates increases costs and premiums, which affect the final price of petrol.

His comments come amid widespread complaints from Nigerians about rising fuel prices, worsened by the war in the Middle East.

Watch the video below: