Petrol Could Rise To ₦1,400 Per Litre Without Local Refining – Dangote

Dangote Petroleum Refinery has cautioned that petrol pump prices could surge to as high as ₦1,400 per litre if Nigeria depends entirely on imported fuel, underscoring the role of large-scale local refining as a key stabiliser in the downstream petroleum sector.

The refinery issued the warning on Monday while refuting claims that it was shutting down for maintenance, describing the reports as false, misleading and deliberately circulated to justify fresh increases in pump prices.

In a statement, the company said recent price movements revealed a troubling reality, noting that without the operations of the Dangote Petroleum Refinery, fuel importers would operate unchecked, potentially driving petrol prices to ₦1,400 per litre in a post-subsidy environment. It added that its refinery has become a critical force in moderating volatility in the downstream market.

The company alleged that reports of a shutdown were being pushed by fuel importers whose commercial interests were threatened by domestic refining, accusing them of spreading misinformation to exploit Nigerians and rationalise unjustified price hikes.

According to the refinery, production remains steady, ongoing and uninterrupted. It said it currently has the capacity to supply between 40 million and 50 million litres of Premium Motor Spirit (PMS) daily, depending on market demand, through January and February.

It disclosed that on January 4, the refinery produced 50 million litres of PMS and evacuated 48 million litres via its gantry, adding that existing stock levels were sufficient to cover more than 20 days of national consumption, effectively dispelling concerns over supply shortages.

Clarifying issues around maintenance, the refinery explained that routine work on specific processing units does not affect overall output due to the integrated design of its facilities. It said that while maintenance may occur on units such as the Crude Distillation Unit and Residual Fluid Catalytic Cracking unit, other critical units remain fully operational.

The refinery noted that it continues to produce PMS, Automotive Gas Oil and Jet A-1 through operational units including the Naphtha Hydrotreater, CCR Reformer and Hydrocracker.

It further stated that since mid-December, it has maintained consistent PMS supply to the Nigerian market, with daily loading volumes ranging between 31 million and 48 million litres, figures that it said are verifiable through depot records maintained by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The company also reaffirmed its ex-gantry price of ₦699 per litre for PMS, stressing that the price is available to all marketers and bulk consumers without discrimination.

It urged filling station operators, large-scale users and institutional consumers to prioritise locally refined products, arguing that domestic sourcing would help stabilise prices, conserve foreign exchange and support Nigeria’s economic recovery and energy security.

Reiterating its commitment, the refinery advised the public to disregard false reports and remain alert to price manipulation, adding that it would continue to operate in the national interest by ensuring steady supply of high-quality, locally refined petroleum products while supporting economic stability, energy independence and industrial growth.