The Dangote Refinery has thrown down the gauntlet to petroleum marketers, declaring that it has over 310 million litres of petrol available for immediate loading as fuel prices surge across Nigeria.
Devakumar Edwin, Vice President of the Dangote Group, issued the challenge on Friday during a guided tour of the refinery complex, insisting that the facility is operating at full capacity despite claims to the contrary.
“Bring your tankers. We will load. Any number of tankers you bring, we’ll load,” Edwin said. “It’s a challenge I’m throwing today. No one can come and tell me I’m not loading. We can load any number of tankers you bring.”
The statement comes as petrol prices jumped from about N865 per litre to nearly N1,000 across filling stations, leaving Nigerians puzzled, particularly as crude oil prices and exchange rates have remained relatively stable.
Edwin suggested that some marketers may have raised prices under the false impression that Dangote Refinery was not supplying products to the market.
“So, this one is again a campaign to try to say the prices will go up. I can go and try to increase my filling station price; maybe Dangote is not supplying,” he said.
The Dangote Group executive maintained that the refinery has sufficient capacity to meet 100 per cent of Nigeria’s diesel, petrol, and aviation fuel requirements whilst exporting nearly half of its production.
“We have more than 310 million litres as of now,” Edwin stressed, adding that the figure excludes daily production output.
Addressing concerns about reduced crude oil intake at the refinery, Edwin explained that the adjustment was a routine inventory management decision.
“When the prices are a bit low, we buy a lot. When our stocks are going down, we buy a lot. But at the same time, if your inventory of crude is very high, nobody would like to lock so much money into their tanks, because it’s money locked in the form of crude oil,” he explained.
He dismissed suggestions that the refinery was experiencing operational difficulties, noting that all industrial facilities undergo routine maintenance.
“No factory works 100 per cent every day without a problem. But if there is a problem, whether it is going to affect your final production or not is a key issue,” Edwin said.
The 650,000-barrel-per-day refinery produces 94 per cent lighter products, with only 6 per cent classified as heavier carbon black feedstock, according to Edwin.
“You can go and check with any engineer in the refining business: a 650,000-barrel refinery producing 94 per cent lighter product. It’s not like our old Nigerian refineries, where a lot of low pour fuel oil, heavy fuel oil and all come in,” he stated.
The recent price surge has sparked widespread confusion, particularly as the naira has strengthened from around N1,700 to the dollar in the first quarter of 2025 to approximately N1,470 currently. Crude oil prices have also declined from above $80 per barrel earlier in the year to around $60.
According to energy intelligence firm Kpler, Brent crude dropped below $60 per barrel last week following threats by US President Donald Trump to impose higher tariffs on Chinese goods, though he later reversed course.
The Independent Petroleum Marketers Association of Nigeria has blamed depot owners for the price increase, which has reached between N930 and N950 per litre in most parts of the country.
The Nigerian National Petroleum Company Limited initially raised its retail price to N928 per litre but reduced it to N920 over the weekend. NNPC spokesperson Andy Odeh attributed the adjustment to higher depot prices.
Dangote partners MRS and Heyden are selling petrol at N925 and N923 per litre, respectively.
Sources indicate that the refinery has raised its gantry price to approximately N870 per litre, up from N820.
Edwin maintained that the refinery’s production capacity far exceeds Nigeria’s domestic requirements.
“Our production of lighter products is very large, much, much more than Nigeria’s requirements. And we are producing. You went inside today. You saw the refinery working, and you can come and see our stock position,” he said.
