Kehinde Fajobi
The Dangote Petrochemical Refinery has attributed its recent increase in the ex-depot price of Premium Motor Spirit (PMS), or petrol, to the rising cost of global crude oil.
In a statement issued on its official X handle on Sunday, January 19, 2025, the refinery announced that its ex-depot price had been adjusted from ₦899 to ₦955 per litre.
The statement explained, “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
According to the refinery, global crude oil prices have risen by 15%, from $70 to $82 per barrel. However, Dangote Refinery’s adjustment reflects only a 5% increase, despite additional premiums on Nigerian crude at $3 per barrel.
While the refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre, it announced that its partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at ₦970 per litre nationwide.
The statement highlighted that the refinery had absorbed increased logistics costs to ensure uniform pricing across the country, including the Federal Capital Territory.
“If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately ₦1,150 to ₦1,200 per litre in some locations, compared to the current price of ₦970 per litre,” it added.
The refinery reiterated its commitment to shielding Nigerians from the full impact of global price volatility, stating, “In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.”
Expressing gratitude to Nigerians for their trust, the refinery pledged to maintain top-quality petrol at competitive prices and contribute to the country’s economic self-sufficiency.