As Nigerians grapple with yet another surge in petrol prices, the Dangote Refinery has issued a strong statement, assuring the public that fuel scarcity is not the cause of the current price instability.
The refinery’s management revealed that over 310 million litres of petrol are readily available for distribution, challenging marketers to bring in their trucks for immediate loading.
This revelation comes amid confusion over recent price hikes, with pump prices crossing ₦900 per litre in several parts of the country, despite relative stability in crude oil prices and the naira exchange rate.
Dangote Refinery Calls Marketers’ Bluff Over Supply Shortage
Speaking during a media tour of the refinery, Devakumar Edwin, Vice President of the Dangote Group, dismissed speculation that the refinery had reduced operations or was short on supply.
He asserted that the Dangote Refinery has enough Premium Motor Spirit (PMS) to meet national demand and even export surplus quantities.
“We currently have more than 310 million litres of petrol in our storage tanks. Bring your tankers — we will load any number you bring,” Edwin declared.
He described the ongoing price increase by some marketers as a “campaign of misinformation,” suggesting that certain players in the distribution chain might be manipulating market sentiments to justify higher pump prices.
According to him, the refinery’s current production level and stockpile demonstrate that Nigeria’s local refining capacity is strong enough to meet 100 per cent of domestic demand for petrol, diesel, and aviation fuel, with an additional 50 per cent of production targeted for export.
Over 310 Million Litres of Petrol Ready for Market Loading
Reiterating confidence in the facility’s output, Edwin emphasized that the Dangote Refinery’s 650,000-barrel-per-day capacity enables it to produce 94 per cent lighter products, including PMS (petrol), AGO (diesel), and Jet A1 (aviation fuel).
“Our production of lighter products is very large — far above Nigeria’s daily consumption. We are not facing any downtime that would affect distribution,” he said.
He also clarified that the refinery occasionally reduces crude intake, not due to operational issues, but as a financial strategy to balance crude inventory.
“When prices are stable or low, we buy more. But no company locks excessive funds in storage; it’s an operational decision, not a production problem,” Edwin added.
The refinery’s management also noted that turnaround maintenance — a standard practice for industrial facilities — occurs periodically but has not impacted daily output or product availability.
Petrol Price Confusion Despite Stable Oil and Forex Rates
The renewed fuel price hike has left Nigerians questioning the rationale behind the surge, especially since both crude oil prices and the naira-dollar exchange rate have shown signs of stability in recent weeks.
While global oil prices dropped below $60 per barrel, and the naira appreciated to around ₦1,470 per dollar, retail prices across filling stations jumped from ₦865 to nearly ₦1,000 per litre.
Industry data from energy analytics firm Kpler shows that Brent crude prices have fluctuated due to temporary market reactions to U.S. tariff policies, but not to an extent that justifies a sharp rise in domestic petrol prices.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed depot operators for the hike, alleging that some storage owners and wholesalers have unilaterally adjusted prices upward, forcing retailers to follow suit.
As of the weekend, NNPC retail stations were selling at around ₦920 per litre, down slightly from ₦928, while private depots operated by MRS and Heyden maintained prices between ₦923 and ₦925.
The Dangote Refinery was also reported to have adjusted its gantry price from ₦820 to ₦870 per litre.
Refinery Assures Continuous Supply and Export Potential
The Dangote Refinery reiterated its commitment to supporting the government’s efforts to stabilise the petroleum market and ensure self-sufficiency in fuel supply.
Edwin stressed that the refinery’s production strategy is designed not only to meet Nigeria’s needs but also to enhance export capacity, helping the nation earn valuable foreign exchange.
He reaffirmed that the facility’s integrated system — from crude reception to refined product output — is functioning optimally and can load an unlimited number of tankers daily.
“Anyone claiming Dangote is not producing or supplying is being mischievous. Our doors are open, and our tanks are full,” Edwin maintained.
Industry Analysts Urge Transparency and Regulation
Energy analysts have urged greater transparency among depot operators and retail marketers to prevent artificial scarcity and profiteering.
They also called on regulatory agencies, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to strengthen oversight and ensure fair pricing across the supply chain.
The situation has rekindled public debate about deregulation and pricing control under the Petroleum Industry Act (PIA), which grants the government authority to monitor but not directly fix retail fuel prices.
Dangote Refinery at the Centre of Nigeria’s Fuel Future
The Dangote Refinery’s 310 million-litre petrol reserve demonstrates its pivotal role in stabilising Nigeria’s downstream oil sector.
As debates over pricing transparency continue, stakeholders agree that consistent local refining, efficient logistics, and fair market practices remain essential for achieving long-term price stability.
For now, all eyes are on the refinery’s promise — and the marketers’ response — as Nigerians await genuine relief at the pump.
