Dangote Petroleum Refinery has addressed the recent increase in the pump price of Premium Motor Spirit (PMS), clarifying that the adjustment stems from a rise in global crude oil prices and not from its operations.
The refinery emphasized its commitment to affordable fuel for Nigerians, stating that it has absorbed significant costs to minimize the impact on consumers.
In a statement, Dangote Refinery revealed that it adjusted its ex-depot price of PMS by 5%, from N899.50 to N950 per litre.
This adjustment is far below the 15% surge in global crude oil prices, with Brent Crude climbing from $70 to $82 per barrel within days.
Despite this, the refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
The retail price of PMS has been set at N970 per litre nationwide, in partnership with distribution firms such as Ardova, Heyden, and MRS Holdings.
The refinery has absorbed increased logistics costs to ensure uniform pricing across all 36 states and the Federal Capital Territory (FCT).
“Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market,” the statement read.
“If we were to pass on the entire increase, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations,” it added.
The company also announced plans to enhance transparency by publishing its ex-depot, ex-vessel, and pump prices weekly to prevent consumer exploitation.
Dangote Refinery expressed gratitude to President Bola Ahmed Tinubu for introducing the “Naira for Crude” initiative, which it credited with ensuring consistent access to high-quality PMS and shielding Nigerians from the full impact of global oil price volatility.
“We appreciate the trust and support of Nigerians and remain committed to delivering reliable, top-quality petrol at competitive prices,” the statement concluded.
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