According to Dangote Refinery, the substantial increase in global crude oil prices is directly related to the recent adjustment in the company’s ex-depot price of petrol.
The business promised Nigerians that even if the ex-depot price of petrol has recently increased, three of its partners will still sell it for ₦970 per litre nationwide.
In a statement released on Sunday, the refinery spokesman Anthony Chiejina said, “Although we have adjusted our ex-depot price by 5%, from N899.50 to N950 per litre, it is crucial to remember that this increase is significantly less than the 15% increase in global crude oil prices, which has caused Brent Crude to jump from $70 to $82 in a few days, in addition to the premium for Nigerian crude (roughly $3 per barrel) in international markets.
“Additionally, the Single-Point Mooring (SPM) ex-vessel pricing has been kept at N895 per litre by Dangote Refinery.
“The retail price of petrol for Nigerians would be N970 per litre across the country, provided by all of our partners, including Ardova, Heyden, and MRS Holdings. To ensure consistent pricing throughout the Federal Capital Territory (FCT) and the 36 states that make up the federation, we have taken on the higher logistics costs.”
According to Chiejina, Dangote Refinery has absorbed around half of the price hikes in the global oil market. In comparison to the present price of N970 per litre, he stated that the retail price of PMS would be between N1,150 and N1,200 per litre in some places if Dangote Refinery were to pass on the full increase in the price of crude oil to the market.
To prevent consumer exploitation, the company’s spokesperson stated that Dangote Refinery would start releasing its ex-depot price, ex-vessel price, and pump price weekly in the interest of openness and good governance.
