US/Iran War: With Dangote Refinery Nigeria Can Absorb Global Oil Shocks –Ethnic Youth Leaders

Socio-cultural groups known as Ethnic Youth Leaders, have called on Nigerians not to panic over disruption in oil supply due to the United States/Iran war as Dangote Refinery is capable of serving the needs of the country.

In a joint statement issued by their
Deputy Spokesperson, Mirabel Ashara, the youth leaders said Dangote has both the capacity and patriotic will to ensure the country is insulated from shocks in the oil sector caused by crisis in the Middle East.

They admitted that the conflict in the Middle East has led to the shutdown of some refineries and cut in refinery production across the world; leading to a global scarcity of petroleum products while China banned export of gasoline and diesel.

The Ethnic Youth Leaders applauded Dangote Refinery resolve to ensure that Nigeria is insulated from global supply shocks by prioritising supply to the domestic market in the face of the ongoing US-Iran war.

They therefore urged the government and people of Nigeria to always provide the needed support to Dangote Refinery and other subsidiary of the Nigerian core investor as the group would always be there for them.

“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 many benefits of domestic refining.

“The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26% within a short period to above $84.0 per barrel.

“In response, the refinery implemented a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12%.

“The refinery said it has absorbed about 20 percent of the rising costs in order to help ease pressure on the domestic market.

“We totally align with Dangote Refinery on this and call on Nigerians to remain calm as with the indigenous-Nigerian company the people’s interest can always be protected. The onus is on our government and all of to remain supportive of the truly Nigeria’s local refinery,” the groups added.