Dangote Refinery Assures Nigerians of Supply Security Amid Global Oil Price Fluctuations
The statement reads
We are exposed to global price movements, and we understand the pain that incurs in our business and throughout the economy. Nigeria, with its domestic refining industry, is not immune to this. However, the benefits of a domestic refining industry are supply security; what could be worse than $120 per barrel oil is having no oil at all.
There are developed and developing countries without refining capacity that are already rationing supplies and experiencing panic buying, and nobody knows what will happen in the next 10 days to two weeks. As long as Dangote Refinery continues to gain access to Nigerian grades—with support from the federal government and the NNPC, all at international prices—we will continue to process that oil and serve the domestic market with priority.
