OPEC Secretary General, Haitham Al Ghais who made the disclosure, explained that crude oil and its derivatives form the backbone of global industries, powering everything from transportation to pharmaceuticals.
Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery.
While many assume that rising oil prices directly benefit oil producers at the expense of consumers, the OPEC chief debunked this myth, noting that oil-producing nations are not the primary beneficiaries of retail fuel sales.
Between 2019 and 2023, Organisation for Economic Co-operation and Development, OECD nations earned approximately one point nine one five trillion dollars more annually than OPEC nations from petroleum products.
In 2023 alone, taxes accounted for around forty four per cent of the final retail price of petroleum products in OECD countries, and in certain European countries, this figure exceeded fifty per cent.
Al Ghais also underscored that while oil-producing nations do earn revenue from oil sales, a significant portion is reinvested into exploration, production, and infrastructure projects to ensure the continuous flow of supply to consumers worldwide.
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