The Dangote Refinery has refuted allegations of arbitrarily increasing petrol pump prices, attributing recent adjustments in the ex-depot price of Premium Motor Spirit (PMS) to fluctuations in global crude oil prices.
In a press release titled “Increase in Pump Price Not From Us,” issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer, the refinery emphasized its commitment to transparency and consumer affordability.
“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,” the statement explained.
It clarified that while the ex-depot price rose by 5% from N899.50 to N950 per litre, this increase remains significantly lower than the 15% surge in global crude oil prices.
“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement noted.
Dangote Refinery disclosed that it has absorbed approximately 50% of cost increases caused by surging global oil prices to shield consumers from higher costs.
“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the company said.
To maintain uniformity, the refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a standard N970 per litre nationwide.
Addressing concerns about price transparency, Dangote Refinery announced plans to publish its ex-depot, ex-vessel, and pump prices weekly.
“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.
The refinery also lauded President Bola Tinubu’s Naira-for-Crude Initiative, describing it as “visionary.” According to Dangote Refinery, the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.
The statement concluded by reaffirming Dangote Refinery’s dedication to serving Nigerians:
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations.”
With these measures, Dangote Refinery aims to strike a balance between operational sustainability and consumer affordability amid volatile global market conditions.
