The price of petrol has been projected to rise to about N1400 per litre, if the country relies solely on product imports.
The Dangote Petroleum Refinery in a statement, said large-scale domestic refining has become a critical stabilising force in the downstream petroleum market.
“Recent price movements further highlight an uncomfortable reality. In the absence of the Dangote Petroleum Refinery, fuel importers would continue to operate without restraint, with petrol prices potentially escalating to levels estimated at up to N1,400 per litre in a post-subsidy environment. The refinery’s operations have therefore served as a critical stabilising force in the downstream petroleum market,” the statement read.
The refinery dismissed as false and misleading, claims that it was shutting down for maintenance, describing the claims as deliberately circulated to justify another increase in pump prices.
It said the alleged shutdown report was being promoted by fuel importers whose commercial interests were threatened by domestic refining, adding that the misinformation was aimed at exploiting Nigerians.
The statement said: “The false report in question is a deliberate fabrication promoted by fuel importers whose commercial interests are threatened by the stabilising impact of large-scale domestic refining.
“This misinformation has been opportunistically deployed by fuel importers to justify recent and unwarranted increases in petrol pump prices. Such conduct is inconsistent with national interest and imposes unnecessary hardship on Nigerians.”
The refinery said even with maintenance ongoing, production remains ongoing, stable and uninterrupted, with the current capacity to supply between 40 million and 50 million litres of petrol daily, depending on market demand.
“Dangote Petroleum Refinery is not shutting down. Production remains ongoing, stable, and uninterrupted. Dangote Petroleum Refinery continues to operate at scale and retains the capacity to supply between 40 million and 50 million litres of Premium Motor Spirit daily through January and February, subject solely to market demand,” it said.
The company disclosed that on January 4, it produced 50 million litres of PMS and evacuated 48 million litres through its gantry, adding that current stock levels were sufficient to cover more than 20 days of national consumption.
“Current stock levels cover over 20 days of national consumption, effectively dispelling any concerns about supply,” it added.
