Business
Dangote Refinery Boosts Petrol, Urea Exports Across Africa Amid Supply Crunch
Nigeria’s Dangote refinery has boosted exports of petrol and urea to African countries hit by supply disruptions caused by the Iran war.
Aliko Dangote said on Monday that the 650,000-barrels-per-day refinery had helped cushion the full impact of the crisis both in 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,” Dangote said during a tour of the facility.
He said the refinery had shipped some 17 cargoes of gasoline to other African nations, and exports of urea fertiliser had also recently risen, as buyers sought alternative sources of supply.
“In the last couple of days, we’ve been looking to mostly African countries, which we were not doing before,” he said, referring to the fertiliser shipments, without giving figures.
The refinery has capacity to produce up to 3 million metric tons of urea annually, most of which is typically exported to the United States and South America, officials say.
Fuel prices in Nigeria have reached record-high levels, industry figures show, as maximum output from Dangote refinery has not offset the impact of high crude prices.
Dangote said the refinery hoped to get more crude cargoes priced in local currency to help curb fuel costs.
A Reuters report last week quoted two trade sources and a refinery official that the Nigerian National Petroleum Company (NNPC) was allocating seven May cargoes to Dangote refinery, up from five in previous months.
Oil extended gains on Tuesday as a U.S.-imposed deadline for Iran to open the Strait of Hormuz or be “taken out” approaches.
President Donald Trump threatened to order attacks on Iranian bridges and power plants and to rain “hell” on Tehran if it fails to comply with his deadline of 8 p.m. EDT Tuesday (0000 GMT Wednesday) to reopen the strait.
About a fifth of the global oil supply is normally shipped through the Strait.
Brent crude futures rose $1.74, or 1.6%, to $111.51 a barrel by 0530 GMT, while U.S. West Texas Intermediate crude futures were up $3.45, or 3.1%, at $115.86.
On Sunday, OPEC+ agreed to a modest rise of 206,000 barrels per day for May. Saudi Arabia also set the official selling price of May Arab Light crude oil to Asia at a record premium of $19.50 a barrel, above the Oman/Dubai average, an increase of $17 from the previous month.
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The Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for premium motor spirit (PMS), popularly known as petrol, to ₦1,200 per litre.
Disclosing this in a statement sighted by Channels Television on Friday, the spokesperson for the Dangote Group, Anthony Chiejina, said the refinery pegged its coastal price at ₦1,153 per litre, a development expected to reshape fuel supply costs across Nigeria’s downstream distribution chain.
According to him, the price adjustment represents a downward review in the refinery’s pricing template.
This comes at a time of heightened uncertainty in the global oil market, driven by geopolitical tensions in the Middle East.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to ₦1,200 per litre and its coastal price to ₦1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina stated.
The price drop reflects a decrease of ₦75 from the previous rate of ₦1,275 per litre.
The refinery had recently increased its petrol price from ₦1,175 per litre to ₦1,245 per litre.
Chiejina maintained that the “price adjustment represents a downward review in the refinery’s ex-depot pricing and is expected to ripple across Nigeria’s downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets.
He added that lower ex-depot prices typically translate into reduced pump prices.”
The spokesman expressed worry that the “Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains”.
“For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilising factor, offering some insulation from external shocks even as global market pressures persist,” he added.
With the new ₦1,200 per litre rate, marketers are expected to recalibrate their landing costs, especially those sourcing locally instead of importing.
Similarly, the coastal price of ₦1,153 per litre is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.
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