Dangote Petroleum Refinery has addressed the recent increase in petrol prices, attributing it to the sharp rise in global crude oil prices. Anthony Chiejina, Group Branding and Communications Officer emphasised that the refinery’s ex-depot price adjustment from ₦899.50 to ₦950 per litre is a direct response to the 15% surge in Brent Crude prices, which climbed from $70 to $82 per barrel.
“We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product,” Chiejina stated.
Despite the price hike, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre to mitigate the impact on consumers. The refinery has also absorbed increased logistics costs to ensure uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of ₦970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT),” Chiejina added.
Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. “If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately ₦1,150 to ₦1,200 per litre in some locations, compared to the current price of ₦970 per litre,” Chiejina explained1.
The refinery expressed gratitude to President Bola Ahmed Tinubu for the Naira for Crude Initiative, which has ensured Nigerians’ consistent access to high-quality PMS while insulating them from global oil market volatility.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” Chiejina concluded.
