Dangote to Import N2.1tn Crude in May as Fuel Prices Face Upward Pressure
Dangote Refinery plans to import 13.62 million barrels of crude for May, costing around N2.097 trillion. This import covers 72% of its monthly requirement after the government commits only 6.15 million barrels. At an international price of $110 per barrel, the import bill reaches $1.498 billion. Dr. Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria, warns that sustained fuel price hikes will drive up transport costs and fuel broader inflation in food and essentials. Mazi Colman Obasi, head of the Oil and Gas Service Providers Association, notes that the refinery may need to export refined products to stay commercially viable. Jeremiah Olatide, CEO of a leading petrol price tracker, calls on the government to boost local crude output, improve upstream security, and strengthen the Naira-for-Crude framework. The administration has pledged increased deliveries but has fallen short of targets in the past. Observers will monitor closely to see how this reliance on imported crude affects petrol prices and living costs in the coming weeks.
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