Nigeria Seeks Overseas Oil Supplies to Stabilize Petrol Prices

Nigeria’s state‑owned oil company is moving to secure crude oil from foreign suppliers to feed Africa’s largest refinery, responding to shortfalls in local feedstock and rising international oil prices.

Petrol prices have risen sharply across the country, with many filling stations in major cities now selling a litre for over ₦1,000. The refinery recently suspended petrol loading temporarily, intensifying concerns over further price hikes.

Global energy market disruptions and geopolitical tensions have pushed crude prices higher, making it difficult for local production alone to ease retail fuel costs.

The Dangote facility currently receives only a fraction of the crude it needs from domestic sources, forcing reliance on imports priced at global rates. Experts suggest that improving domestic supply commitments could eventually stabilize costs, but imported crude will continue to influence pricing.

Motorists and transport operators are already feeling the impact, and higher fuel expenses are expected to ripple through the economy unless crude allocations improve and global price volatility eases.