Global Oil Crisis: Youth Leaders Urge Calm, Back Dangote Refinery

A coalition of socio-cultural groups under the umbrella of Ethnic Youth Leaders has urged Nigerians not to panic over possible disruptions in global oil supply arising from tensions between the United States and Iran, saying Nigeria has the capacity to cushion the impact through the Dangote Refinery.

The youth groups stated that the refinery has both the production capacity and the patriotic commitment required to ensure that Nigeria remains insulated from supply shocks in the global oil market.

In a joint statement issued in Abuja by their deputy spokesperson, Mirabel Ashara, the groups acknowledged that the conflict in the Middle East has disrupted global refining activities, leading to the shutdown of some refineries and a reduction in refinery output across parts of the world.

They noted that the situation has triggered a scarcity of petroleum products globally, with major economies such as China reportedly restricting the export of gasoline and diesel in response to the tightening supply situation.

Despite these developments, the youth leaders commended the management of the Dangote Refinery for prioritising supply to the domestic market in order to shield Nigerians from the impact of the global crisis.

They said the refinery’s commitment to local supply demonstrates the importance of domestic refining capacity in protecting national economic interests.

“As stated by the company itself, Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. This is one of the major benefits of domestic refining,” the statement read.

The groups further explained that the ongoing conflict has driven global crude and freight prices sharply upward, with benchmark Brent crude reportedly rising by about 26 per cent within a short period to above $84 per barrel.

According to them, in response to the surge in operational costs, the refinery implemented a moderate adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit (PMS), representing an increase of about 12 per cent.

They added that the refinery has also absorbed about 20 per cent of the rising costs in a bid to reduce the burden on consumers in the domestic market.

“We totally align with Dangote Refinery on this position and call on Nigerians to remain calm. With a strong indigenous company like Dangote Refinery, the interests of the Nigerian people can always be protected,” the statement added.

The youth leaders also called on the federal government and Nigerians to continue supporting the refinery and other local investments by indigenous investors, noting that such initiatives are critical to strengthening Nigeria’s economic resilience.