Nigeria’s Dangote refinery has pledged to prioritise the domestic fuel market in a bid to prevent shortages and cushion the impact of rising global oil prices triggered by the Middle East conflict.
Speaking at a press conference in Lagos on March 9, Managing Director, David Bird, said the refinery would continue to ensure supply security for Nigeria, provided it maintains access to locally produced crude oil with the support of the Government and the Nigerian National Petroleum Company (NNPC).
The refinery, owned by business magnate Aliko Dangote, currently has a capacity of 650,000 barrels per day and is expected to meet most of Nigeria’s fuel demand. Prior to its launch in 2024, the country relied heavily on imported fuel.
Bird cautioned that further fuel price increases cannot be ruled out as the refinery remains exposed to fluctuations in the international commodity market, including rising crude prices, transportation and insurance costs.
Fuel prices in Nigeria have already surged by about 20 percent within a week, rising from 830 naira per litre to 1,050 naira, following global oil price increases linked to escalating tensions in the Middle East.