As the Iran war sends global oil prices spiraling, Nigeria is scrambling to keep its own fuel flowing. The state-owned Nigerian National Petroleum Company is boosting crude allocations to the Dangote refinery to seven cargoes for May, up from five in previous months. The bump comes as fuel prices hit record highs domestically and the refinery struggles to secure enough barrels locally, forcing costly imports at premiums as high as $18 above Brent. While the increase still falls short of the facility’s full 650,000 barrels-per-day appetite, every cargo helps—especially with shipping costs slashed by sourcing closer to home. With this move, the West African country hopes to ease fuel costs within its borders.
Reuters
