Dangote Refinery, which recently raised the ex-depot price of petrol, has promised Nigerians that three of its partners will sell petrol at ₦970 per litre nationwide.
According to the refinery spokesman, Anthony Chiejina, the recent change in the company’s ex-depot pricing “is directly related to the significant increase in global crude oil prices.”
The 15% increase in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, as well as the premium for Nigerian crude (roughly $3 per barrel) in international markets, is significantly greater than the 5% adjustment we made to our ex-depot price from N899.50 to N950 per litre, Chiejina said in a statement on Sunday.
“Additionally, Dangote Refinery has kept the ex-vessel pricing of Single-Point Mooring (SPM) at N895 per litre.
“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.
According to the company’s spokesperson, Dangote Refinery will start releasing its ex-depot, ex-vessel, and pump prices weekly in the spirit of transparency and good governance to prevent consumer exploitation.
