The Dangote Petroleum Refinery has declared that Nigeria will continue to enjoy uninterrupted fuel supply despite the Middle east tensions if it continues to receive domestic crude.
Speaking during a media chat on Monday, March 9, 2026, Bird revealed that while the global energy market is grappling with panic buying and rationing, Nigeria is insulated by the refinery’s massive domestic capacity.
Despite geopolitical tensions in the Middle East driving crude prices to staggering heights, the 650,000 barrels-per-day facility is operating at full nameplate capacity, producing upwards of 55 million litres of petrol daily far exceeding Nigeria’s estimated daily consumption of 35 million litres.
Bird assured Nigerians that the facility remains a solid bulwark against the fuel scarcity currently threatening import-dependent nations.
The assurance comes at a time of extreme global volatility, with Brent crude hitting an intraday high of nearly $120 per barrel on Monday before stabilizing around $104.48 following emergency interventions.
Bird emphasized that the security of supply is now Nigeria’s greatest advantage, noting that what would be worse than $120 oil is no oil.
He maintained that as long as the refinery continues to receive domestic crude through the Federal Government and NNPCL under the crude-for-naira arrangement, the days of fuel queues are over.
However, he cautioned that because the refinery purchases crude at international benchmark rates, pump prices will still reflect global market realities unless the government intervenes with specific fiscal policies.
Echoing the need for strategic government support, Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises (CPPE), argued that while domestic refineries offer critical energy security, they cannot completely shield the Nigerian consumer from price volatility.
Dr. Yusuf pointed out that local refining provides a volatile benefit saving the nation between $10 billion and $15 billion annually in foreign exchange and reducing logistics costs, yet still remaining tethered to international pricing.
He urged the government to bolster these investments through trade and monetary policies to ensure that the industrial multiplier effects of the refinery translate into long-term economic resilience.
Meanwhile, the global crisis reached a fever pitch today as G7 finance ministers held an emergency video conference to address the sharpest energy shock since 2022.
Early Monday trading saw Brent crude skyrocket by 30%, momentarily peaking at $119.50, driven by the escalating conflict in the Middle East and the closure of key shipping routes like the Strait of Hormuz.
While the market later pared some gains to trade in the low $100s, the G7 comprising Canada, France, Germany, Italy, Japan, the UK, and the USA declared they are standing ready to deploy unprecedented amounts of strategic oil reserves to stabilize the world economy.
Reports indicate that G7 members are considering a coordinated release of up to 300 million to 400 million barrels from the International Energy Agency (IEA) stockpiles. Although a final consensus on the timing was not reached during Monday’s call, French Finance Minister Roland Lescure stated that the group is prepared to use any necessary tools to prevent a prolonged global recession.
This potential release would mark the largest emergency intervention in history, dwarfing the 120 million barrels released during the 2022 Russia-Ukraine crisis. For Nigeria, this global tug-of-war underscores the vital importance of the Dangote Refinery’s promise to prioritize the local market, ensuring that even as the world scrambles for reserves, Nigerian taps do not run dry.