Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), has revealed that taxes imposed by governments, not oil producers, are the primary drivers of high fuel prices in Nigeria and globally.…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!“Revenues are often generated, but they are predominantly earned by major oil-consuming countries through taxation,” Al Ghais said, highlighting the misleading narrative that oil price hikes directly benefit producers at consumers’ expense.
Between 2019 and 2023, OECD countries earned significantly more from fuel taxes than OPEC nations did from selling crude oil. In 2023, taxes accounted for around 44% of fuel retail prices in OECD countries, with some European nations exceeding 50%.
In Nigeria, where fuel costs are a significant burden, Al Ghais’ words offer a new perspective. “It is important to recognize that the price paid by consumers at the pump is determined by multiple factors, including crude oil prices, refining, transportation, and, notably, taxes,” he emphasized.…..For More READ THE FULL ARTICLE HERE ▶▶
