DANGOTE Refinery has assured Nigerians that petrol will be sold at ₦970 per litre nationwide by its three partners, despite the company’s recent adjustment in the ex-depot price.
The refinery’s spokesperson, Anthony Chiejina, explained that the increase in the ex-depot price was driven by a significant rise in global crude oil prices.
In a statement issued today, Chiejina noted, “Although we have adjusted our ex-depot price by 5%, from ₦899.50 to ₦950 per litre, this increment remains significantly lower than the 15% surge in global crude oil prices, which saw Brent Crude climb from $70 to $82 within days, alongside a $3 premium for Nigerian crude in the international market.
“Additionally, the Single-Point Mooring (SPM) ex-vessel price remains at ₦895 per litre. Our partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at ₦970 per litre across the country. We have absorbed increased logistics costs to ensure uniform pricing across all 36 states and the Federal Capital Territory.”
Chiejina highlighted that Dangote Refinery has borne about 50% of the cost increases from the international oil market.
“If the full crude oil price hike were transferred to the market, the retail price of petrol would range between ₦1,150 and ₦1,200 per litre in some areas, as opposed to the current price of ₦970 per litre,” he explained.
To promote transparency and accountability, Chiejina added that Dangote Refinery will begin publishing its ex-depot, ex-vessel, and pump prices weekly to prevent consumer exploitation.
