Dangote Refinery has announced an increase in the ex-depot price of Premium Motor Spirit (PMS), often known as petrol, citing a considerable spike in global crude oil prices as the main cause. The ex-depot price has increased by 5%, from ₦899.50 to ₦950 per liter.
This revision follows a significant increase in Brent crude oil prices, which have surged from around $70 to $82 per barrel in recent weeks. Despite the 15% rise in crude oil prices, Dangote Refinery has reduced its price increase to 5%, absorbing a portion of the cost to reduce the impact on customers.
To maintain price stability across Nigeria, Dangote Refinery has kept the Single-Point Mooring (SPM) ex-vessel price steady at ₦895 per litre. As a result, its partners, including Ardova, Heyden, and MRS Holdings, will continue to offer petrol at a retail price of ₦970 per litre nationwide.
The refinery emphasizes its commitment to providing high-quality petrol at competitive prices, despite the challenges posed by global oil market fluctuations. By absorbing increased logistics costs, Dangote Refinery aims to shield Nigerian consumers from the full impact of rising crude oil prices and support the nation’s economic growth and self-sufficiency.
In a move to enhance transparency, the company plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis, ensuring consumers are well-informed and protected from potential price exploitation.
Dangote Refinery also acknowledges the support of President Bola Tinubu’s “Naira for Crude” initiative, which has facilitated consistent access to quality PMS for Nigerians while mitigating the effects of global market shifts. The company expresses gratitude to Nigerians for their continued support as it strives to offer the best value and contribute to a more resilient national economy.
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