Dangote Refinery To Sell Petrol ₦970/Litre Despite Global Oil Hikes
Dangote Refinery To Sell Petrol ₦970/Litre Despite Global Oil Hikes
Dangote Refinery has reassured Nigerians that petrol will be sold at ₦970 per litre nationwide through its three key partners, despite a recent adjustment to its ex-depot price.
Anthony Chiejina, a spokesperson for the refinery, attributed the price adjustment to a significant rise in global crude oil prices.
In a statement released on Sunday, Chiejina explained: “The 5% adjustment to our ex-depot price, increasing it from ₦899.50 to ₦950 per litre, is notably lower than the 15% surge in global crude oil prices. Brent Crude has climbed from $70 to $82 within days, alongside a premium of about $3 per barrel for Nigerian crude in international markets.”
He added that the refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre.
“All our partners—Ardova, Heyden, and MRS Holdings—are committed to retailing petrol at ₦970 per litre across all 36 states and the Federal Capital Territory (FCT). We have absorbed the additional logistics costs to ensure uniform pricing nationwide,” Chiejina noted.
Highlighting the company’s efforts, he stated that Dangote Refinery has absorbed around 50% of the international cost increases. “If we were to transfer the full impact of rising crude oil prices to the market, the retail price of petrol (PMS) would range between ₦1,150 and ₦1,200 per litre in certain areas, compared to the current price of ₦970 per litre,” he said.
For transparency and good governance, Chiejina announced that Dangote Refinery will begin publishing its ex-depot, ex-vessel, and pump prices on a weekly basis to prevent consumer exploitation.
