Dangote Refinery will soon announce a new ex-gantry price for petrol after global crude oil prices surged above $100 per barrel amid escalating tensions in the Middle East.
David Bird, chief executive officer of the refinery, disclosed this during a press briefing on Monday, saying the company temporarily halted petrol loadings to update its pricing system.
Global crude prices climbed sharply after the ongoing conflict between the United States and Iran intensified, pushing benchmark oil prices to their highest level since July 2022.
Bird explained that the refinery paused truck-out operations at midnight to adjust its gantry price following the sudden spike in crude prices.
“There is a gantry price movement, so we paused loadings as of midnight and are updating the system to the new gantry price after oil spiked by about $30 within 24 hours,” he said.
He clarified that the refinery remains fully operational and ready for product loading, dismissing speculation that operations had been suspended.
“Gantry loadings will resume immediately after the system update. Dangote Refinery is fully open for business,” Bird said.
The price adjustment will mark the third increase in the refinery’s ex-gantry petrol price within one week. On March 7, the refinery raised the price from ₦874 to ₦995 per litre.
Bird assured marketers that they could continue lifting petrol from the refinery, adding that the company would prioritise domestic supply to maintain fuel availability across Nigeria.
“We will prioritise the domestic market for supply security, even though we remain exposed to global commodity pricing,” he said.
According to him, the refinery buys crude oil at international benchmark prices despite the crude-for-naira arrangement, meaning it cannot escape fluctuations in global oil markets.
Bird noted that the refinery would continue to meet Nigeria’s refined fuel needs as long as it receives adequate crude supply from Nigerian producers with the support of the government and the Nigerian National Petroleum Company Limited.
He added that while many countries are experiencing fuel shortages and panic buying due to global supply disruptions, Nigeria currently enjoys steady fuel supply thanks to domestic refining capacity.
“Even in developed markets, you’ve seen panic buying in places like the United Kingdom and Australia. Some developing markets such as Bangladesh and Pakistan are also rationing supply,” Bird said.
He emphasised that the refinery would continue operating steadily and prioritising Nigeria’s domestic fuel demand to prevent shortages.
