Dangote Petroleum Refinery has issued an official statement clarifying the recent adjustment in its ex-depot price of Premium Motor Spirit (PMS), a move necessitated by the surge in global crude oil prices. The adjustment, which raised the ex-depot price from ₦899.50 to ₦950 per litre, reflects a modest 5% increase that remains notably lower than the 15% hike in international crude oil prices.
The company attributed this decision to the escalating cost of Brent Crude, which recently rose from $70 to $82 per barrel within days, alongside additional costs associated with Nigerian crude. To mitigate these impacts, Dangote Refinery has continued to offer a Single-Point Mooring (SPM) ex-vessel price of ₦895 per litre.
In collaboration with its partners, including Ardova, Heyden, and MRS Holdings, the company ensures that PMS will retail at ₦970 per litre nationwide. The increased logistics costs have been absorbed to maintain consistent pricing across Nigeria’s 36 states and the Federal Capital Territory (FCT).
Commitment to Affordability and Stability
Dangote Refinery reaffirmed its dedication to providing affordable, high-quality fuel to Nigerians, despite the challenges posed by fluctuating international markets. Approximately 50% of the cost increases resulting from global crude price volatility have been absorbed by the refinery. This strategy aligns with Dangote’s vision of ensuring stability in the retail price of PMS, which could have otherwise risen to ₦1,150–₦1,200 per litre in certain locations.
The company also expressed gratitude to President Bola Ahmed Tinubu for initiating the Naira for Crude Initiative. This programme has fostered consistent access to PMS, protecting consumers from the full brunt of global market shifts while enhancing energy security within the country.
A Transparent Approach
As part of its commitment to transparency and good governance, Dangote Refinery will continue to publish its ex-depot prices and ex-vessel prices weekly. This measure aims to prevent market exploitation and maintain consumer trust in the fuel supply chain.
Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote, assured the public of the company’s resolve to prioritise the best interests of Nigerians, ensuring a sustainable and self-sufficient economy.
