Dangote Petroleum Refinery & Petrochemicals has assured Nigerians of steady petrol supply despite recent shocks in the global oil market triggered by the ongoing conflict involving the United States, Iran and Israel.

The refinery gave the assurance after marketers raised petrol pump prices following rising crude oil costs linked to the Middle East crisis.

In a statement on Thursday, the company said it increased its ex-depot price of Premium Motor Spirit by ₦100 per litre but absorbed about 20 percent of the surge in crude oil costs to cushion the impact on the domestic market.

According to the refinery, global supply pressures have intensified due to disruptions in refining operations and China’s ban on gasoline and diesel exports, pushing Brent crude prices up by about 26 percent to above $84 per barrel.

The refinery said it would prioritise domestic supply to protect Nigeria from international supply shocks.

It added that it currently receives about five crude cargoes monthly from the Nigerian National Petroleum Company Limited, far below the 13 cargoes required to support its operations, forcing it to source additional crude from international traders.

Chairman of Dangote Group, Aliko Dangote, recently disclosed that the refinery has reached an offtake agreement with 12 major and independent marketers to distribute between 60 million and 65 million litres of petrol daily nationwide in a bid to stabilise supply.