Dangote Refinery: Increase In Pump Price Not From Us—-Dangote Petroleum Refinery has clarified that the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS) is a direct result of the significant increase in global crude oil prices.
Since crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.
The Genius Media Nigeria reports that The refinery acknowledges the importance of affordable fuel for Nigerians and remains committed to providing high-quality fuel at the best value. Although Dangote has increased its ex-depot price by 5%, from N899.50 to N950 per litre, it is significantly lower than the 15% rise in global crude prices, which saw Brent Crude increase from $70 to $82 in a matter of days. Additionally, Dangote Refinery has kept the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
Dangote’s partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a nationwide retail price of N970 per litre, with the refinery absorbing increased logistics costs to maintain uniform pricing across all 36 states and the Federal Capital Territory (FCT).
Dangote Refinery has absorbed roughly 50% of the international cost increases. If the refinery were to pass on the entire increase, retail prices could rise to approximately N1,150 to N1,200 per litre in some locations, but the current price remains at N970 per litre.
The refinery is committed to providing reliable, top-quality petrol at competitive prices and continues to prioritize the best interests of Nigerians. In these challenging times, Dangote strives to shield consumers from the full impact of global price volatility while adapting to market conditions.
In a move to enhance transparency and ensure good governance, Dangote Refinery will begin publishing its ex-depot price, ex-vessel price, and pump price on a weekly basis to prevent exploitation of consumers.
The refinery also commended President Bola Ahmed Tinubu for the introduction of the Naira for Crude Initiative, which has played a crucial role in ensuring consistent access to high-quality PMS for Nigerians while insulating consumers from the volatility of the global oil market.
