Dangote Refinery Pumps 43 Million Litres, Denies Petrol Shutdown Amid Price Hike Fears
Officials of the Dangote Petroleum Refinery have dismissed claims that the facility shut down its petrol processing unit, confirming that it pumped 43.3 million litres of Premium Motor Spirit (PMS) into the Nigerian market on Saturday alone. The disclosure comes amid growing concerns over rising ex-depot petrol prices and speculation about supply disruptions.
Speaking exclusively, refinery officials said the shutdown reports were false and were being used by some marketers to justify sharp price increases. According to them, the refinery has continued loading without interruption, stressing that not a single truck was turned back. They added that the volume supplied in one day was about 50 per cent higher than Nigeria’s average daily petrol consumption.
The refinery also assured Nigerians of adequate fuel reserves, revealing that it currently holds enough stock to serve the country for more than 20 days. Officials warned that certain traders were deliberately creating tension in the downstream sector by inflating prices, urging consumers to buy petrol from filling stations selling Dangote-produced fuel.
Despite the refinery’s reassurance, private depots across Lagos, Warri and other fuel trading hubs raised ex-depot petrol prices to between N780 and N805 per litre, citing alleged maintenance downtime at Dangote. Industry data showed that some depots increased prices by over N70 per litre within 48 hours, raising fears of a possible spike in pump prices nationwide.
Analysts believe the price surge is a reaction by importers and depot owners seeking to recover losses after Dangote slashed its petrol gantry price from N828 to N699 per litre in December. While marketers say they are bleeding financially, Dangote Group President Aliko Dangote has insisted that he would rather absorb losses than allow fuel imports to dominate the market, reaffirming that the refinery will continue supplying petrol without disruption.
source: punch