Dangote Refinery has linked its recent adjustment in ex-depot petrol prices to the sharp rise in global crude oil costs.
In a statement on Sunday, refinery spokesperson Anthony Chiejina explained that the 5% increase in the ex-depot price, from ₦899.50 to ₦950 per litre, was significantly less than the 15% rise in global crude prices, with Brent Crude climbing from $70 to $82 per barrel alongside a $3 premium for Nigerian crude.
Despite the hike, Chiejina assured Nigerians that the company’s partners, including Ardova, Heyden, and MRS Holdings, would retail petrol nationwide at ₦970 per litre. The refinery has absorbed higher logistics costs to ensure uniform pricing across all 36 states and the Federal Capital Territory (FCT).
He stated, “We have absorbed approximately 50% of the cost increases in the international oil market. Without this intervention, the retail price of PMS would range between ₦1,150 and ₦1,200 per litre in some locations compared to the current ₦970 per litre.”
To promote transparency, the refinery will begin publishing its ex-depot, ex-vessel, and pump prices weekly to prevent consumer exploitation.