By:Abdullahi Inuwa
Nigeria’s petrol price could soar beyond ₦1,400 per litre if the country slips back into heavy dependence on fuel imports, the Dangote Refinery has warned.
In a strong caution issued on Monday, the refinery stressed that local refining remains the single most important safeguard against runaway fuel prices, supply disruptions, and foreign exchange shocks in the domestic market.
According to the refinery, countries that rely entirely on imported petroleum products are at the mercy of volatile global oil prices, shipping costs, exchange rate fluctuations, and geopolitical tensions — all of which can rapidly inflate pump prices at home.
The company dismissed circulating claims that it plans to shut down operations for maintenance, describing such reports as false, misleading, and deliberately orchestrated.
“These rumours are being peddled to create panic and justify another round of petrol price increases,” the refinery said, insisting that its operations remain stable and ongoing.
Industry watchers say the warning comes at a critical time, as Nigerians continue to grapple with fuel price volatility following subsidy reforms and increased competition in the downstream sector. Analysts note that domestic refining capacity is key to cushioning consumers from global price swings and reducing pressure on the naira.
The refinery reiterated that sustained local production not only guarantees steady supply but also promotes price moderation, job creation, and energy security — outcomes that imports alone cannot deliver.
As debates rage over fuel pricing and supply sustainability, the message from Africa’s largest refinery is clear: without strong local refining, petrol prices could spiral far beyond current levels — and ₦1,400 per litre may only be the beginning.
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