Dangote Refinery Explains stand on Petrol Price Increase

Dangote Petroleum Refinery has issued a statement to address the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol.

The company attributed the price increase to the significant rise in global crude oil prices, which has impacted the cost of production.

According to a statement signed by Mr. Anthony Chiejina, Group Chief Branding and Communications Officer, he said the company’s 5% adjustment in the ex-depot price from N899.50 to N950 per litre is lower than the 15% increase in global crude oil prices.

He said Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre and has absorbed approximately 50% of the cost increases in the international oil market.

According to him, the company has also ensured that its partners, including Ardova, Heyden, and MRS Holdings, offer petrol to Nigerians at a uniform retail price of N970 per litre nationwide.

“Dangote Refinery has committed to providing reliable, top-quality petrol at competitive prices and will commence publishing its ex-depot price, ex-vessel price, and pump price on a weekly basis to ensure transparency.

“While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets. Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.