By Ayomide Otitoju
Nigeria’s Dangote Refinery has increased exports of petrol and urea to African markets facing supply disruptions linked to the ongoing Iran conflict, its founder Aliko Dangote said on Monday.
Dangote noted that the 650,000-barrel-per-day facility has helped cushion the impact of the crisis both domestically and across the continent. Speaking during a tour of the refinery, he assured that the plant has sufficient capacity to meet demand across West, Central, and East Africa.
According to him, the refinery has shipped about 17 cargoes of gasoline to other African countries, while exports of urea fertiliser have also risen in recent days as buyers seek alternative supply sources. He added that fertiliser shipments are increasingly being redirected to African markets, although specific volumes were not disclosed.
Officials said the refinery has the capacity to produce up to three million metric tonnes of urea annually, with a significant portion traditionally exported to markets such as the United States and South America.
Despite the increased output, fuel prices in Nigeria have climbed to record levels, driven largely by elevated global crude oil prices. Dangote stated that the refinery is seeking to secure more crude supplies priced in local currency to help moderate domestic fuel costs.
A recent report indicated that the Nigerian National Petroleum Company plans to allocate seven crude cargoes to the refinery in May, up from five in previous months, signalling increased feedstock support.
Meanwhile, global oil prices extended gains on Tuesday as tensions around the Strait of Hormuz intensified. Donald Trump has issued a deadline for Iran to reopen the vital shipping route, warning of potential military action if it fails to comply.
Brent crude futures rose by $1.74, or 1.6 per cent, to $111.51 per barrel, while U.S. West Texas Intermediate crude 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.
