Petrol: Dangote Makes Fresh Declaration Amid Global Crisis

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President of the Dangote Group, Aliko Dangote, has assured Nigerians and other African countries of the Dangote Refinery’s capacity to meet rising demand despite ongoing global supply disruptions.

Dangote gave the assurance on Monday during a tour of the facility, as the refinery ramped up exports of petrol and urea fertiliser to African markets affected by supply challenges linked to tensions involving Iran.

He noted that the refinery had already helped cushion the effects of the crisis both within Nigeria and across the continent.

“What I can do is assure Nigerians and most of West Africa, Central Africa, and East Africa, we have the capacity to supply them,” he said.

The billionaire industrialist disclosed that the refinery had shipped about 17 cargoes of gasoline to other African countries, while exports of urea fertiliser had also increased significantly as buyers sought alternative supply sources.

“In the last couple of days, we’ve been looking mostly to African countries, which we were not doing before,” Dangote said.

Officials indicated that the facility has the capacity to produce up to three million metric tonnes of urea annually, with a substantial portion traditionally exported to markets in the United States and South America. However, shifting global dynamics have led to increased focus on African markets.

Despite increased production, fuel prices in Nigeria have continued to rise, driven largely by higher global crude oil prices. Industry data suggest that output from the refinery has yet to fully offset the impact of elevated crude costs.

Dangote revealed that the refinery is seeking additional crude oil cargoes priced in local currency to help reduce domestic fuel prices.

A recent report also indicated that the Nigerian National Petroleum Company had increased crude allocations to the refinery, with seven cargoes scheduled for May, up from five in previous months.

Meanwhile, global oil prices climbed further on Tuesday amid escalating tensions around Iran, particularly concerning the strategic Strait of Hormuz, through which about one-fifth of the world’s oil supply passes.

United States President Donald Trump warned Iran to reopen the route or face severe consequences, including potential attacks on critical infrastructure.

Brent crude rose by $1.74, or 1.6 per cent, to $111.51 per barrel, while U.S. West Texas Intermediate gained $3.45, or 3.1 per cent, to $115.86.

In a related development, the OPEC+ agreed to a modest production increase of 206,000 barrels per day for May. Saudi Arabia also raised the official selling price of its May Arab Light crude to Asia to a record premium of $19.50 per barrel above the Oman/Dubai benchmark, marking a sharp increase from the previous month.