The Dangote Oil Refinery has attributed the recent rise in its ex-depot price of Premium Motor Spirit (PMS) to the significant surge in global crude oil prices.
In a statement released on Sunday evening, the refinery clarified that the adjustment was necessary to reflect the prevailing realities in the international oil market, while ensuring Nigerians still receive competitive prices.
The statement reads:
“We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.
“At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers.”
The refinery revealed that it had made a 5% adjustment to its ex-depot price, increasing it from N899.50 to N950 per litre, while ensuring this adjustment remained below the 15% rise in global crude oil prices.
The company noted that Brent Crude prices had risen from $70 to $82 within days, with Nigerian crude carrying an additional premium of about $3 per barrel in the international market.
“Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre. All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol at a retail price of N970 per litre nationwide.
“We have absorbed the increased logistics costs to guarantee uniform pricing across all 36 states and the Federal Capital Territory (FCT). If we were to pass on the entire cost of the crude oil increase, petrol could retail for between N1,150 and N1,200 per litre in some areas,” the statement added.
The refinery reassured Nigerians of its commitment to shielding consumers from the full impact of global price volatility, maintaining quality, and promoting affordability.
“In the interest of transparency, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price, and pump price weekly to prevent exploitation of consumers,” the statement noted.
The company also lauded President Bola Ahmed Tinubu for introducing the Naira for Crude Initiative, describing it as a “visionary policy” that ensures consistent access to high-quality petrol and shields Nigerian consumers from the volatility of the global oil market.
The Dangote Refinery reaffirmed its mission to contribute to a self-sufficient economy resilient to international market fluctuations, thanking Nigerians for their continued trust and support.
