The Chief Executive Officer of the Dangote Petroleum Refinery & Petrochemicals, David Bird, has said the refinery is prepared to compete in Nigeria’s petroleum market under an import-parity pricing framework, provided regulators guarantee a level playing field.

Bird made the statement during a media briefing in Lagos on Monday.

He stressed that consistent and equitable regulatory enforcement is essential to maintain healthy competition in the downstream petroleum sector.

He also reaffirmed the refinery’s commitment to meeting domestic fuel demand despite volatility in global energy markets.

Bird noted that the refinery is prepared to compete for market share, provided a level playing field is maintained for Euro 5 standard gasoline, which is now available to Nigerian consumers.

“We are willing to compete for import-parity pricing provided the regulator enforces a level-playing field for Euro 5 gasoline that Nigerians now enjoy. We are happy to compete,” he said.

“Dangote Refinery will continue to meet Nigeria’s fuel demand despite global supply disruptions and market volatility. Domestic refining gives Nigeria supply security, ensuring the country avoids fuel shortages and queues even when global markets are disrupted.”

He explained that the refinery buys Nigerian crude at international benchmark prices and does not benefit from discounted rates under the Federal Government’s crude-for-naira program.

The CEO observed that global market instability is affecting import-dependent countries the most, underscoring the importance of domestic refining for national energy security.

He also highlighted the severe volatility in global crude oil markets and the operational challenges this poses for the refinery.

“Global oil markets are experiencing extreme volatility, with crude prices rising from the mid-$60 range to nearly $120 per barrel within a week,” he said.

He added that the refinery’s operations are fully exposed to international market dynamics, including crude prices, freight rates, insurance, and financing costs.

Tanker freight expenses, in particular, have soared, rising from around $800,000 to approximately $3.5 million per shipment.