Announces Pump Price Sales at N970/Litre
- Safiu Kehinde
Dangote Refinery has increased its Depot Price for Premium Motor Spirit (PMS) by 5% from N899.50 to N950.
This was announced in a statement issued on Sunday by Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina.
According to the statement, the adjustment of the depot price is directly related to the significant increase in global crude oil prices.
Dangote, however, held that the 5 percent increment is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days.
The refinery further claimed to have maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
Following the increment, Dangote announced that Ardova, Heyden, and MRS Holdings, will now offer petrol to Nigerians at a retail price of N970 per litre nationwide.
This, according to statement, was made possible by the refinery’s decision to absorb approximately 50% of the cost increases in the international oil market in its unwavering commitment to quality and affordability.
“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 of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.
“At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers. While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
“Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
“Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission.
“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 statement read.
While reinstating its commitment to providing reliable and top quality petrol, Dangote Refinery expressed it’s gratitude to Nigerians for their trust and support.
The refinery further disclosed plan to commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited.