We would like to make it clear that the recent change in our Premium Motor Spirit (Petrol) ex-depot pricing is directly tied to the sharp rise in the price of crude oil on a worldwide scale. Since crude is still the major ingredient used to make PMS, changes in its global price will unavoidably affect the final product’s pricing.
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We at Dangote Petroleum Refinery are dedicated to providing our clients with the best value and guaranteed quality since we understand how important economical fuel is for all Nigerians. In addition to the premium for Nigerian crude (roughly $3 per barrel) in international markets, we have adjusted our ex-depot price by 5%, from N899.50 to N950 per litre.
However, it is crucial to remember that this increase is significantly less than the 15% increase in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days.
Additionally, Dangote Refinery has kept the ex-vessel pricing of Single-Point Mooring (SPM) at N895 per litre. Across the country, all of our partners—including Ardova, Heyden, and MRS Holdings—will sell gasoline to Nigerians at N970 per litre. To provide consistent pricing throughout the 36 federation states and the Federal Capital Territory (FCT), we have taken on the higher logistics costs. About half of the price hikes in the global oil market have been absorbed by Dangote Refinery.
This is because of our steadfast dedication to cost and quality, as well as the fact that Nigerians still control the refinery, which is essential to our goal. In certain places, the retail price of PMS would be between N1,150 and N1,200 per litre, as opposed to the present price of N970 per litre, if Dangote Refinery were to pass on the whole rise in crude oil prices to the market. We are dedicated to provide Nigerians dependable, premium petrol at affordable costs.
We remain committed to putting Nigerians’ best interests first during these trying times, working to protect consumers from the full effects of worldwide pricing volatility while adjusting to changing market conditions. As we work to provide Nigerians with the best value for their money and help build an independent economy that is resistant to global price swings, we truly appreciate their ongoing trust and support.
To prevent consumer exploitation, Dangote Refinery will start releasing its ex-depot, ex-vessel, and pump prices weekly in the sake of openness and good governance. Our appreciation goes out to President Bola Ahmed Tinubu for launching the innovative Naira for Crude Initiative.
All Nigerians now have reliable access to high-quality PMS thanks to this innovative project, which also shields Nigerian consumers from the fluctuations of the world oil market.
