The mega-refinery Dangote in Nigeria said on Monday it was prioritizing the local market to avoid any fuel shortages in the country and limit the repercussions of the war in the Middle East, although pump prices have already increased by about 20% in a week.

The war in the Middle East has sent oil prices soaring, with prices exceeding the symbolic threshold of $100 a barrel on Monday morning, causing stock markets to plunge and raising fears of shortages.

In Nigeria, Africa's top oil producer, the mega-refinery owned by Africa's richest man, Aliko Dangote, with a current capacity of 650,000 barrels per day, covers national fuel needs.

"We are not immune to the shocks that have been suffered around the world," warned David Bird, the refinery director, at a press conference Monday in Lagos, the economic capital.

The increase in the price of crude oil, transportation rates and the cost of insurance have weighed on Dangote's expenses, Mr. Bird explained.

"The Dangote refinery (...) will continue to prioritize supplying the domestic market" provided that the Nigerian government continues to supply the refinery, he assured.

However, Mr. Bird clarified that he could not "guarantee" that there would be no further price increases.

"It is the government's role to determine whether it wishes to intervene in the economy with regard to the cost of energy," he said.

After two increases in the past week, petrol prices have risen from 830 naira (0.51 euro) in Lagos to 1,050 naira (0.64 euro), a record in a country where a litre at the pump cost only 195 naira (0.12 euro) at the beginning of 2023.

Upon taking office, President Bola Tinubu eliminated government subsidies that had artificially kept prices low, and the price of gasoline skyrocketed, flirting with 1,000 naira by the end of 2024.

Before the opening of the private Dangote refinery in 2024, Nigeria had to import almost all of its fuel, and shortages were frequent. Its commissioning had allowed prices to fall to around 800 naira per liter.