Dangote Vows To Ensure No Fuel Scarcity In Nigeria Amid Middle East Crisis
Nigeria’s largest privately owned refinery, the Dangote Petroleum Refinery, has reassured Nigerians that it will prioritise domestic supply to prevent fuel scarcity in the country despite the ongoing crisis in the Middle East and the resulting volatility in the global oil market.
In a statement on Thursday, the refinery said it remains committed to serving as a stabilising force for Nigeria’s energy market amid global supply disruptions triggered by the conflict in the Middle East.
According to the company, the crisis has forced the shutdown of some refineries and reduced refining output across several countries, leading to tightening global supply of petroleum products.
It also noted that China has banned the export of gasoline and diesel, a development that has further strained international supply chains.
The refinery said it would ensure Nigeria is insulated from these shocks by prioritising the supply of refined petroleum products to the domestic market.
“This is one of the many benefits of domestic refining,” the company stated, adding that large-scale local refining significantly reduces the country’s vulnerability to international supply disruptions.
The statement noted that the conflict has pushed global crude oil and freight prices sharply higher, with the benchmark Brent Crude rising by about 26 per cent within a short period to above $84 per barrel.
In response to the surge in costs, the refinery said it implemented a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit (PMS), representing an increase of about 12 per cent.
