The Dangote Petroleum Refinery has assured Nigerians that fuel supply in the country will remain stable despite recent increases in petrol and diesel prices driven by fluctuations in global crude oil markets.
The refinery recently raised its ex-depot price for petrol to ₦1,175 per litre and diesel to ₦1,620 per litre after global oil prices surged amid escalating tensions in the Middle East involving Iran, Israel and the United States.
Global crude benchmarks climbed close to $120 per barrel during the period of volatility before easing in subsequent days. Brent crude was recently trading slightly above $100 per barrel before dropping again to around $90, reflecting rapid swings in the international oil market.
Speaking on the development, the refinery’s Chief Executive Officer, David Bird, said the company remains focused on maintaining steady fuel availability in Nigeria even though global price movements may affect domestic fuel costs.
Bird explained that one of the major factors influencing pricing is the way Nigerian crude oil is sold on the international market. According to him, the refinery purchases crude in US dollars, even when the oil originates from Nigeria.
He noted that crude supplies often pass through several intermediaries before reaching the refinery, a process that can add extra costs to the final price of refined products.
Despite the pricing challenges, Bird said the refinery is operating at full capacity and remains committed to ensuring consistent supply of petroleum products to the Nigerian market.
He also stated that the refinery is ready to compete with imported fuel products as long as regulators enforce fair market conditions.
The refinery chief further called on the government to take steps that could reduce supply chain costs and address the pricing structure of domestically produced crude oil. He noted that government policy could play a significant role in shaping how crude is supplied to local refineries and how much it ultimately costs.
Dangote Refinery had earlier pledged to help shield Nigeria from global energy disruptions. However, the recent spike in crude oil prices triggered adjustments in domestic fuel pricing.
Even with price volatility, the company maintains that Nigerians will continue to have access to adequate fuel supply as it sustains its refining operations.
