Amid the escalating tensions in the Middle East, data from the Major Energies Marketers Association of Nigeria has shown that a litre of imported petrol is about N64 cheaper than one produced by the Dangote Petroleum Refinery.

However, the refinery debunked the report, challenging importers to defy the ongoing airstrikes in the Middle East and bring in petroleum products.

It was reported on Monday that the Dangote refinery increased its gantry price from N774 to N874. The adjustment followed a jump in oil prices to $84 per barrel, up from below $70, days before the airstrikes involving the United States, Iran, Israel, and other countries.

Following the increment, filling stations on Tuesday raised their pump prices to as high as N937, depending on the location. Before the Middle East crisis deepened over the weekend, some filling stations had already been selling petrol at prices ranging between N812 and N839, but the crisis disrupted the global fuel market, affecting Nigeria and other countries.

However, data by MEMAN indicated that Dangote’s petrol gantry price was N874 per litre as of Monday, while the landing cost of imported petrol was N809.37 per litre, showing a difference of about N64 between the two sources.

MEMAN also reported that Dangote’s diesel price was N1,169.42, while imported diesel was N1,125.70 per litre.

However, officials of the Dangote refinery, who did not want to be mentioned because of the sensitivity of the matter, said some importers were projecting a false narrative to ensure the Federal Government continues to issue import licences.

“Anybody can go to Apapa to get the landing cost, and anybody who likes should go to Iran and import. Some people just want us to depend on imports. Isn’t it time we ended that dependence on foreign products?

“Some people want importation to continue, and that’s not normal. You keep importing what can be produced locally. Is that a good thing? How do you expect our children to survive? Nigerians will import and destroy what we have locally,” an official said.

Aside from pricing, another official said Nigeria should be thankful to the Dangote refinery for shielding the country from the fuel crisis that could have paralysed commercial activities.

“Let’s think about what could have happened to Nigeria if we didn’t have a refinery in Nigeria at this time. Assuming there is no Dangote refinery in Nigeria, economic activities would have been paralysed by now.

“Many countries are not so lucky, and they are now facing long queues at filling stations. Dangote has saved Nigeria from that fuel crisis. This has taught us that there’s nothing like one’s country, and we must always be prepared,” he said.

In its report, MEMAN explained that the downstream sector saw a major upward price adjustment on Monday, driven by the Dangote refinery raising its gantry price by N100, bringing it to N874 per litre.

The shift, triggered by rising global crude costs, pushed retail pump prices above N900 per litre. Many private depots reportedly paused sales briefly to recalibrate their pricing in response.

“The market is currently in a state of high uncertainty. With Brent crude climbing above $80/bbl due to escalating geopolitical tensions (specifically the US-Israel-Iran conflict), analysts warn that the cost of petrol remains under significant pressure. If crude prices continue toward the $90/bbl mark, domestic pump prices could potentially reach N1,100 by next month,” MEMAN said.

On Wednesday, motorists flocked to petrol stations across Britain in a scramble for fuel as fears of a new oil crisis caused by the Iran war grew, according to a report by The Mirror UK.

Frustrated drivers complained on Wednesday about UK petrol stations running out of fuel and long queues at forecourts after hostilities erupted in the Middle East. Prices have risen by as much as 11 pence per litre in some locations.

In contrast, Nigeria relies on the Dangote refinery for an adequate fuel supply amid the geopolitical tensions. Petrol prices in Nigeria surged on Tuesday, but no queues were reported at filling stations. Analysts attribute this to the Dangote refinery reducing Nigeria’s dependence on imported fuel.

Commentators highlight the Dangote refinery’s role in shielding Nigeria from such disruptions. “Imagine a Nigeria without a refinery; we would be experiencing endless queues, black market prices, businesses slowing down, and an economy held hostage by fuel scarcity.

“Today, we stand at a turning point. The Dangote Petroleum Refinery & Petrochemicals is more than steel and pipes — it is energy security, economic power, job creation, and national pride,” an industry player who spoke in confidence stated.

During a recent meeting with refiners and stakeholders, the Dangote refinery assured them of sufficient fuel supply, though it noted challenges from insufficient crude, requiring some reliance on foreign feedstock.

The Senate committee on public accounts has summoned a former Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, to explain an alleged ₦210 trillion that was not properly accounted for between 2017 and 2023.

Kyari was summoned alongside a former chief financial officer, Umar Ajia Isa, and former group general manager of National Petroleum Investment Management Services, Bala Wunti.

Chairman of the Committee, Senator Aliyu Wadada, issued the summons on Thursday following a review of audit reports concerning the national oil company.

The committee also warned that it could issue warrants of arrest against the former officials if they failed to appear before it, on a date to be communicated soon.

Wadada disclosed the committee’s resolutions while briefing the media after its meeting.

According to him, the former management team is expected to appear before the committee alongside the current leadership of the NNPCL, led by the incumbent GCEO, Bayo Ojulari, as well as external auditors who worked with the company during the period under review.

The chairman also stated that the committee resolved that the NNPCL must account for the ₦210 trillion flagged in audit reports, comprising ₦103 trillion and ₦107 trillion that were allegedly not properly explained in the company’s financial records.

He noted that the committee had asked NNPCL 19 questions arising from the audit findings last year, but was not satisfied with the responses provided.

According to the senator, the company claimed that the ₦103 trillion represented cumulative spending by its joint venture partners through JV cash calls since 2017, a response the committee rejected.

The committee also raised concerns about ₦107 trillion recorded as “sundry receivables” in NNPCL’s audited financial statements as of December 2023, which the company said was owed by several banks and other entities.

“When the two figures are combined, NNPCL needs to properly account for ₦210 trillion,” it said.

The lawmakers also questioned the expenditure of ₦5 billion reportedly used to change the company’s name from the former Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.

“This to us in the committee is unacceptable, and satisfactory explanations must be given,” they added.

In another resolution, the committee directed the NNPCL to refund to the treasury all production costs charged against crude oil revenue within the period under review, arguing that the company and its subsidiaries do not directly produce crude oil.

The committee also recommended that the Office of the Auditor-General for the Federation conduct a forensic audit of NNPCL’s financial statements for the period in line with Section 85 of the 1999 Constitution.

Kyari led the national oil company from 2019 to 2025.