
Dangote Refinery has attributed its recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to the sharp rise in global crude oil prices.
In a statement released on Sunday, the refinery clarified that the price change, which saw the ex-depot cost increase from ₦899.50 to ₦950 per litre, reflects the impact of soaring crude oil prices on the cost of refined products.
"The recent adjustment in our ex-depot price of Premium Motor Spirit is directly related to the significant increase in global crude oil prices. Any fluctuation in its international price inevitably impacts the cost of the finished product," the statement read.
The refinery emphasized that the 5% price hike is moderate compared to the 15% rise in crude oil prices. Brent Crude prices have surged from $70 to $82 per barrel in recent days, alongside a premium of approximately $3 per barrel for Nigerian crude in international markets.
Despite these pressures, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre. Its partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at ₦970 per litre nationwide.
The refinery’s statement seeks to reassure Nigerians that the adjustment remains modest, reflecting a commitment to managing costs amid volatile global market conditions.
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