Dangote Petroleum Refinery has clarified the rationale behind the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), attributing it to a significant rise in global crude oil prices.
In an official statement, the company revealed that its ex-depot price for PMS has been adjusted by 5%, moving from N899.50 to N950 per litre. This adjustment comes as Brent Crude prices soared by 15%, climbing from $70 to $82 per barrel within days, compounded by a $3 premium for Nigerian crude in international markets.
The refinery emphasised its commitment to affordable and quality fuel for Nigerians, pointing out that the 5% price increase is considerably lower than the hike in global crude prices. Moreover, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre, reflecting its dedication to stabilising costs.
Despite rising logistics expenses, all retail partners, including Ardova, Heyden, and MRS Holdings, will sell PMS at a uniform price of N970 per litre nationwide. Dangote Refinery stated it has absorbed approximately 50% of the increased costs to shield consumers from the full impact of global price volatility. Without these measures, the retail price could have reached N1,150 to N1,200 per litre in some locations.
In line with transparency and accountability, the refinery announced plans to publish its ex-depot, ex-vessel, and pump prices weekly to prevent exploitation of consumers.
The statement also acknowledged President Bola Ahmed Tinubu’s “Naira for Crude Initiative,” describing it as a visionary move that ensures consistent access to high-quality fuel while insulating Nigerians from the unpredictability of global oil markets.
Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, reiterated the company’s dedication to providing reliable, competitively priced petrol while contributing to Nigeria’s economic resilience.
