Why We Increased Petrol Price – Dangote Refinery
The Dangote Petrochemical Refinery has attributed its recent adjustment in the price of Premium Motor Spirit (PMS), commonly known as petrol, to the rising cost of global crude oil.
The refinery increased its ex-depot price from N899 to N955 per litre, according to a statement issued on its X handle on Sunday, 19th January 2025.
INCREASE IN PUMP PRICE NOT FROM US ― DANGOTE
We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production.
Explaining the decision, the statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is 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.”
It added that while the global crude oil price had risen by 15%, from $70 to $82 per barrel, Dangote Refinery’s adjustment reflected only a 5% increase. The refinery also noted that the premium for Nigerian crude, which stands at about $3 per barrel, has further influenced pricing.
Despite these challenges, the refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
The refinery announced that its partners, including Ardova, Heyden, and MRS Holdings, would retail petrol at 970 per litre nationwide. It explained that it has absorbed increased logistics costs to ensure uniform pricing across the country, including the Federal Capital Territory (FCT).
The statement continued: “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.”
The refinery reiterated its commitment to affordability, noting that it has absorbed about 50% of the cost increases in the international oil market to shield Nigerians from the full impact of global price volatility.
“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,” the statement noted.
The refinery concluded by expressing gratitude to Nigerians for their trust and support, reaffirming its dedication to providing top-quality petrol at competitive prices while contributing to economic self-sufficiency.kly basis so that consumers are not exploited.
We are still surviving it, even if we died in consequence of tough life imposed on us, remember that all of you will surely meet us there!
Get the crude from Iran now. After all Nigeria is now a member of BRICKS which has nothing to do with US sanction on Iran.
Why do we always have sharp increments on petrol despite we produce the crude in Nigeria here, Nigerians is suffering federal government should address the issues of petroleum before things went out of ✋✋👌👌👌
Dangote is a wicked fellow. He should remember that one day he will die and all he is acquiring will mean nothing to him.
He should let the poor Nigerian breath.
He made cement costly as well.
The government has mortgage Nigerians.
May God save us.
Because we are not in full control of the price… As long as it a dollar rate thing nobody will be willing to trade less knowing the market value
Bcos we have bunch of fools and wicked people as leaders.
It is quite disheartening to have Dangote Refinery tagging the cost of of their PMS retail price to international crude price, whereas the same crude oil is locally supplied.
These Nigern economic and political leaders are but vampires that thrive in devouring the flesh and suckling the blood of ordinary Nigerians
The Lord will see us through.
Scammers!!!!! One day the river will overflow and you will feel the consequences of your making!!!?
Dangote one day, you will pay for what you have put the country through
Why can’t Nigeria government Protect it’s citizens from this crude price fluctuation by selling crude at discounted price to dangote refinery for local consumption as against international price.
That way the price of fuel can reduce for its citizens. After all it’s not all the crude that is sold to dangote. The bulk of it is sold internationally.