 from N899.50 to N950 per litre){kind=link}
Dangote Refinery has attributed its recent increase in the ex-depot price of Premium Motor Spirit (PMS) from N899.50 to N950 per litre to the sharp rise in global crude oil prices.
The refinery announced that its partners, including Ardova, Heyden, and MRS Holdings, will supply petrol at a uniform nationwide retail price of N970 per litre.
These partners have absorbed additional logistics costs to ensure consistent pricing across all 36 states and the Federal Capital Territory (FCT).
In a statement, Dangote Refinery explained that fluctuations in crude oil prices directly impact PMS production costs, as crude is the primary input.
Recent global market trends saw Brent Crude prices surge by 15%, from $70 to $82 per barrel, with Nigerian crude premiums contributing to increased production expenses.
Despite the spike, the refinery limited its ex-depot price adjustment to just five per cent and maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
It emphasized its commitment to balancing affordability and quality for Nigerian consumers, noting that it absorbed about 50% of the cost increase.
Without this intervention, the retail price of petrol could have ranged between N1,150 and N1,200 per litre in some areas.
To enhance transparency, Dangote Refinery announced plans to publish its ex-depot, ex-vessel, and pump prices weekly, ensuring consumers are not overcharged.
The refinery also commended President Bola Tinubu’s Naira-for-Crude Initiative, describing it as a transformative policy that ensures a steady supply of high-quality petrol while shielding Nigerians from the full effects of global oil market volatility.
It pledged continued dedication to offering competitive prices and supporting Nigeria’s journey toward economic self-sufficiency.