Dangote has clarified that the recent hike in the ex-depot price of Premium Motor Spirit (PMS) is a result of the significant rise in global crude oil prices. Dangote Refinery confirmed that it has absorbed about 50% of the cost increases resulting from fluctuations in the international oil market.
- Dangote clarifies that the increase in PMS price is due to the rise in global crude oil prices.
- The company aims to ensure affordable fuel for all Nigerians.
- The company has absorbed about 50% of the cost increases from international oil market fluctuations.
Dangote has clarified that the recent hike in the ex-depot price of Premium Motor Spirit (PMS) is a result of the significant rise in global crude oil prices.
The company emphasized that since crude oil is the primary input in PMS production, fluctuations in its international price directly affect the cost of the finished product.
Dangote Petroleum Refinery has reiterated its commitment to ensuring affordable fuel for all Nigerians. The company emphasized its dedication to providing the best value, with a focus on guaranteed quality, to its customers.
DON’T MISS THIS: Europe is starting to feel the heat from Dangote’s oil refinery
“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,” Dangote said.
Dangote Refinery has stressed that all its partners, including Ardova, Heyden, and MRS Holdings, will sell petrol to Nigerians at a retail price of N970 per litre across the country. This move aims to ensure uniform pricing and maintain affordability for consumers nationwide.
Dangote Refinery confirmed that it has absorbed about 50% of the cost increases resulting from fluctuations in the international oil market.
Without this adjustment, the retail price of Premium Motor Spirit (PMS) could have surged from N1,150 to N1,200 per litre in some regions, compared to the current price of N970.
DON’T MISS THIS: Dangote refinery outranks Europe’s 10 largest refining facilities
The company emphasized its ongoing commitment to providing Nigerians with reliable, top-quality petrol at competitive prices, despite the global price volatility. Dangote Refinery remains focused on prioritizing the best interests of Nigerians while adapting to market changes.
We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. 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.
