Dangote Refinery Clarifies Recent Petrol Price Increase Amid Global Crude Oil Surge.
Dangote Refinery has attributed the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to the rising cost of crude oil on the international market. Mr. Anthony Echiejina, Head of Corporate Communications at Dangote Industries, made this clarification in a statement issued on Sunday in Lagos.
Recently, Dangote Refinery raised the ex-depot price of petrol from ₦899 to ₦955 per litre. Echiejina explained that the increase in global crude oil prices directly impacts the cost of producing PMS, as crude oil is the primary raw material in its production.
“Any fluctuation in international crude oil prices inevitably affects the cost of the finished product,” he noted. Despite a 15% rise in global crude oil prices, with Brent Crude climbing from $70 to $82 per barrel, the refinery increased its ex-depot price by only 5%, absorbing approximately half of the cost increases.
Echiejina added that the Single-Point Mooring (SPM) ex-vessel price was maintained at ₦895 per litre to minimize the impact on consumers. He assured that Dangote Refinery partners, including Ardova, Heyden, and MRS Holdings, would sell petrol at a uniform retail price of ₦970 per litre across all 36 states and the Federal Capital Territory (FCT).
“Without absorbing part of the cost, the retail price of PMS could have risen to as much as ₦1,150 to ₦1,200 per litre in some regions,” Echiejina stated.
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He emphasized the refinery’s commitment to providing high-quality petrol at competitive prices, despite global market volatility. Efforts have also been made to absorb increased logistics costs and ensure uniform pricing nationwide to shield Nigerians from the full impact of global crude oil price fluctuations.
To maintain transparency, Dangote Refinery will publish its ex-depot, ex-vessel, and pump prices weekly to protect consumers from potential price exploitation. Echiejina further acknowledged the importance of President Bola Tinubu’s “Naira for Crude” initiative, which has ensured a steady supply of quality PMS while mitigating the effects of global market shifts.
He expressed gratitude to Nigerians for their continued support, reaffirming the refinery’s dedication to delivering value, supporting economic growth, and advancing the country’s self-sufficiency in energy.
