The Dangote Petroleum Refinery has clarified the recent increase in the price of Premium Motor Spirit, also known as petrol, stating that the adjustment in its ex-depot price is due to the surge in global crude oil prices, SAVANNAH NEWSNOW REPORTS.
The company announced that the price increase from ₦899.50 to ₦950 per litre is only a 5% adjustment, despite a 15% rise in international crude oil prices, with the refinery absorbing 50% of the additional costs to minimize the impact on consumers.
Partners like Ardova, Heyden, and MRS Holdings will sell petrol at ₦970 per litre nationwide as part of a pricing strategy, maintaining a uniform pump price across the country, and preventing prices from reaching ₦1,150 to ₦1,200 per litre in some areas.
Dangote Refinery has pledged to increase transparency by publishing its ex-depot, ex-vessel, and retail prices weekly, aiming to prevent exploitation and keep consumers informed.
The company expressed gratitude to President Bola Ahmed Tinubu for introducing the Naira-for-Crude Initiative, which has stabilized fuel access and shielded Nigerians from global oil market volatility.
Dangote Refinery reaffirmed its commitment to delivering competitive, reliable, and high-quality petroleum products, prioritizing Nigerians’ welfare and fostering a resilient economy.
