Dangote Petroleum Refinery has attributed the recent 5% increase in its ex-depot price of Premium Motor Spirit (PMS) to the significant rise in global crude oil prices. The refinery’s ex-depot price has been adjusted from N899.50 to N950 per litre.
According to Dangote Refinery, the increase is a direct result of the fluctuation in global crude oil prices, which has seen Brent Crude rise from $70 to $82 per barrel. The refinery has absorbed approximately 50% of the cost increases in the international oil market.
A statement by Anthony Chiejina, the Group Chief Branding and Communications Officer, the Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre, and has ensured that its partners, including Ardova, Heyden and MRS Holdings, offer petrol to Nigerians at a uniform retail price of N970 per litre nationwide.
The refinery has committed to publishing its ex-depot price, ex-vessel price, and pump price on a weekly basis to ensure transparency and protect consumers from exploitation.
Dangote Refinery also expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, which has enabled consistent access to high-quality PMS for all Nigerians while insulating consumers from global oil market volatility.
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