The Dangote Refinery has attributed its recent adjustment in the ex-depot price of petrol to the sharp increase in global crude oil prices.
Despite the hike, the refinery assured Nigerians that petrol would still be available nationwide at ₦970 per litre through its partners.
In a statement issued on Sunday, Anthony Chiejina, spokesman for Dangote Refinery, explained that the company raised its ex-depot price from ₦899.50 to ₦950 per litre, reflecting a 5% adjustment.
However, he noted that this increase is significantly lower than the 15% surge in global crude oil prices, with Brent Crude rising from $70 to $82 per barrel, alongside a premium for Nigerian crude of approximately $3 per barrel.
“While we have made a 5% adjustment to our ex-depot price from ₦899.50 to ₦950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices,” Chiejina said.
He added that the refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre to mitigate the impact on consumers.
“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of ₦970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states and the **Federal Capital Territory (FCT),” Chiejina stated.
The company revealed that it had absorbed about 50% of the cost increases stemming from the international oil market.
“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 ₦1,150 to ₦1,200 per litre in some locations, compared to the current price of ₦970 per litre,” Chiejina added.
In a bid to ensure transparency and prevent exploitation, the refinery announced plans to begin publishing its ex-depot price, ex-vessel price, and pump price on a weekly basis.
