MON JAN 20 2025-theGBJournal| Dangote Refinery has clarified recent adjustment in their ex-depot price of Premium Motor Spirit (Petrol) as 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,” Dangote said in a statement Sunday.
The management of Dangote Petroleum Refinery, said they recognise the critical importance of affordable fuel for all Nigerians, and remain committed to offering the best value with guaranteed quality to our customers.
”While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre,” the company said.
It added that all partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
”We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”
Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market.
The refiner said this is due to its unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to its mission.
”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 N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre,” it noted.
”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.
In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited.”
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