Petrol Could Rise to ₦1,400 Per Litre Without Local Refining – Dangote Refinery Warns
Dangote Petroleum Refinery has warned that petrol prices in Nigeria could surge to as high as ₦1,400 per litre if the country depends entirely on fuel imports, stressing that local refining is now a critical buffer against price volatility. The refinery said its operations have helped stabilise the downstream petroleum market amid the post-subsidy era and rising global energy costs.
The warning came as the refinery dismissed reports suggesting it was shutting down for maintenance, describing the claims as false, misleading, and deliberately circulated to justify fresh increases in pump prices. According to the company, the reports were being pushed by fuel importers whose interests are threatened by large-scale domestic refining and who are seeking to exploit Nigerians through misinformation.
In a statement, the refinery said that without its operations, importers would have free rein to push prices upward, potentially driving petrol prices to ₦1,400 per litre. It added that recent price movements in the market underscored the importance of domestic refining as a stabilising force, noting that misleading shutdown claims were inconsistent with national interest and placed unnecessary hardship on consumers.
Dangote Refinery insisted that production remains ongoing, stable, and uninterrupted, with the capacity to supply between 40 million and 50 million litres of Premium Motor Spirit (PMS) daily, depending on demand. It disclosed that on January 4 alone, it produced 50 million litres of petrol and evacuated 48 million litres, with current stock levels sufficient to meet over 20 days of national consumption.
The company also reaffirmed its ex-gantry price of ₦699 per litre, available to all marketers without discrimination, and urged fuel retailers and large consumers to patronise locally refined products. According to the refinery, sourcing fuel locally would help moderate prices, conserve foreign exchange, and strengthen Nigeria’s energy security, while warning the public to ignore false reports and rely on verified information from credible sources.
source: punch