Dangote Refinery said it wish to clarify that the recent adjustment in it’d 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.
Dangote Petroleum Refinery said it recognise the critical importance of affordable fuel for all Nigerians, and it remains committed to offering the best value with guaranteed quality to all its customers. The Refinery said itbmade a 5% adjustment to its 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 said it has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
The Refinery said all its partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. The Refinery said it has absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
Dangote Refinery said itvhas absorbed approximately 50% of the cost increases in the international oil market. This is due to its unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to its mission. The management said 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 N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.
Dangote Refinery said it is committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, and it would continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.
The Refinery said it sincerely appreciate the continued trust and support of Nigerians as it 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.
In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited.
The Refinery said it would like to express its gratitude to President Bola Ahmed Tinubu for the introduction of the visionary Naira for Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market.