Dangote Refinery Clarifies Recent Pump Price Increase
Dangote Petroleum Refinery has issued a statement to clarify the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol. The company explained that the price increase is directly related to the significant rise in global crude oil prices.
Affordability and Quality Remain a Priority
Dangote Refinery emphasized its commitment to offering affordable fuel to Nigerians while maintaining guaranteed quality. The company noted that it has absorbed approximately 50% of the cost increases in the international oil market to shield consumers from the full impact of global price volatility.
Price Adjustment and Market Dynamics
The refinery explained that the 5% adjustment to its ex-depot price from N899.50 to N950 per litre is considerably lower than the 15% rise in global crude oil prices. The company also highlighted that it has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
Retail Price and Logistics Costs
Dangote Refinery announced that its partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. The company has absorbed the increased logistics costs to ensure uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
Transparency and Good Governance
In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price, and pump price on a weekly basis. This move aims to prevent consumer exploitation and promote accountability in the industry.
Appreciation for the Naira for Crude Initiative
Dangote Refinery expressed its gratitude to President Bola Ahmed Tinubu for introducing the Naira for Crude Initiative. This initiative has enabled consistent access to high-quality PMS for all Nigerians while insulating consumers from the volatility of the global oil market.
In conclusion, Dangote Refinery has reaffirmed its commitment to providing reliable, top-quality petrol to Nigerians at competitive prices. The company will continue to prioritize the best interests of Nigerians while adapting to evolving market conditions.
