Dangote Refinery has set a new retail price of N970 per litre for Premium Motor Spirit (PMS), with major distributors including MRS Oil, Heyden, and Ardova aligned to ensure nationwide availability at this rate.
This pricing adjustment comes amidst rising global crude oil costs, which have pushed up the production expenses for petrol worldwide. However, Dangote Refinery has reassured Nigerians that it is absorbing a substantial portion of these increased costs to cushion the impact on domestic fuel prices.
The refinery recently increased its ex-depot price from N899.50 to N950 per litre, attributing this change to the 15% rise in global crude oil prices. Brent Crude, for instance, has climbed from $70 to $82 per barrel, with Nigerian crude commanding an additional premium of approximately $3 per barrel on the international market.
Despite the hike in production costs, Dangote Refinery emphasized that its price adjustments remain minimal compared to the global crude price surge. “While global crude prices have risen significantly, our ex-depot price adjustment of 5% is far lower than the 15% increase in global prices,” the refinery noted in a statement.
Maintaining Stable Pricing Nationwide
The company also highlighted that its Single-Point Mooring (SPM) ex-vessel price remains steady at N895 per litre. It assured consumers that it would bear much of the increased costs to maintain a consistent retail price across Nigeria’s 36 states and the Federal Capital Territory (FCT), ensuring that rural and urban consumers alike are not disproportionately affected.
“At Dangote Refinery, our priority is to deliver high-quality, affordable fuel to Nigerians. While global oil prices could have pushed PMS retail prices much higher, we’ve worked hard to keep it at N970 per litre to protect consumers from excessive burdens,” the statement added.
Government Support and Transparency Efforts
The refinery commended the federal government’s support for the oil industry, particularly the Naira for Crude initiative, which has provided stability and ensured continued access to quality PMS despite volatile global markets.
“We deeply appreciate President Bola Ahmed Tinubu’s leadership and the Naira for Crude initiative, which has played a crucial role in shielding Nigerians from the fluctuations of the international oil market,” the refinery stated.
To further enhance transparency and consumer trust, Dangote Refinery announced plans to begin publishing its ex-depot, ex-vessel, and retail pump prices on a weekly basis. This initiative aims to prevent exploitation by middlemen and ensure Nigerians are well-informed about pricing trends.
By implementing these measures, Dangote Refinery reinforces its commitment to providing affordable and reliable fuel for Nigerians while navigating the challenges of a volatile global oil market.
