Dangote Refinery has confirmed a recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), which has increased from N899.50 to N950 per litre, a move directly tied to the recent surge in global crude oil prices. As a result, key partners such as MRS, Ardova, and Heyden have aligned their retail prices across Nigeria, setting the price of petrol at N970 per litre.
The refinery explained that while the increase in global crude prices—rising from $70 to $82 per barrel—has impacted the cost of petrol production, it has taken steps to limit the price hike for Nigerian consumers. The ex-depot price increase was kept at just five percent, significantly lower than the actual increase in crude oil prices. This decision is in line with Dangote’s commitment to maintaining affordable petrol for Nigerians despite rising international oil costs.
To further protect consumers from potential price shocks, Dangote Refinery stated that it absorbed around 50 percent of the increased costs stemming from the global market. Without this adjustment, the retail price of PMS could have soared to between N1,150 and N1,200 per litre in certain locations. The refinery’s move aims to shield consumers from the full impact of price volatility in the global oil market while maintaining product quality and affordability.
In addition, Dangote Refinery has committed to transparency by publishing its ex-depot and ex-vessel prices, along with the retail pump price, on a weekly basis to ensure consumers are informed and protected from potential exploitation.
The refinery also praised President Bola Tinubu’s Naira-for-Crude Initiative, which has played a key role in stabilizing the supply of high-quality PMS in Nigeria, insulating the country from the extreme fluctuations of the global oil market.
This initiative and the refinery’s pricing strategy underscore Dangote Refinery’s dedication to supporting Nigerians during challenging times and contributing to the development of a resilient, self-sufficient economy.
