Dangote Petroleum Refinery has attributed the recent adjustment in its ex-depot price of Premium Motor Spirit (PMS) to the significant rise in global crude oil prices, emphasizing that the increase did not originate from them but from external market dynamics.
In a statement, the refinery explained that crude oil, the main input for PMS production, experienced a 15% price hike, with Brent Crude rising from $70 to $82 per barrel, alongside a $3 premium for Nigerian crude.
Consequently, the refinery adjusted its ex-depot price by 5%, moving from N899.50 to N950 per litre—well below the potential market-driven increase of 15%.
Dangote Refinery has absorbed approximately 50% of the cost increases to cushion the impact on Nigerians. “If we passed on the full cost, PMS prices would range between N1,150 and N1,200 per litre in some areas. Instead, the retail price remains at N970 per litre nationwide,” the statement read.
To ensure uniformity, partners such as Ardova, Heyden, and MRS Holdings will offer petrol at the same retail price across all 36 states and the Federal Capital Territory (FCT), with the refinery bearing increased logistics costs.
In a bid to promote transparency and curb exploitation, Dangote Refinery will begin publishing its ex-depot, ex-vessel, and pump prices weekly. The statement also commended President Bola Ahmed Tinubu for the “Naira for Crude” initiative, which has bolstered consistent access to quality PMS and insulated consumers from global price volatility.
The company reiterated its commitment to affordability and quality, assuring Nigerians of continued efforts to deliver reliable fuel and contribute to economic self-sufficiency.
