Dangote Petroleum Refinery has addressed concerns over the recent hike in the pump price of Premium Motor Spirit (PMS), attributing the adjustment to rising global crude oil prices.
The refinery explained that the increase in its ex-depot price from ₦899.50 to ₦950 per litre reflects a response to global market trends, as crude oil remains the primary input for PMS production. Brent Crude prices surged from $70 to $82 per barrel, alongside a $3 premium for Nigerian crude in the international market.
Despite these challenges, Dangote Refinery has implemented measures to minimize the impact on Nigerians. The refinery’s 5% adjustment in ex-depot price is significantly lower than the 15% rise in global crude oil prices. Retail prices will remain ₦970 per litre nationwide, with logistics costs absorbed to ensure uniform pricing across all states and the Federal Capital Territory (FCT).
“We have absorbed approximately 50% of the cost increases from the international oil market,” Dangote Refinery stated. “If we passed on the full increase, pump prices would range from ₦1,150 to ₦1,200 per litre. Our commitment is to offer Nigerians quality fuel at competitive prices while shielding them from the full brunt of global price volatility.”
The company further highlighted its commitment to transparency and good governance, announcing plans to publish its ex-depot price, ex-vessel price, and pump price weekly to prevent consumer exploitation.
Dangote Refinery also expressed gratitude to President Bola Ahmed Tinubu for the “Naira for Crude” initiative, which has enhanced access to high-quality PMS while insulating consumers from global price fluctuations.
“We deeply appreciate the trust and support of Nigerians,” the statement added. “As a refinery owned by Nigerians, our mission remains to deliver quality fuel at affordable rates and contribute to building a resilient, self-sufficient economy.”
