Dangote Refinery has justified its recent petrol price hike, citing a 15% surge in global crude oil prices. The refinery increased its depot price to N950 per litre, emphasizing its efforts to minimize the impact on Nigerians while maintaining competitive pricing amid rising international crude oil costs.
Dangote Refinery has addressed the recent increase in petrol prices, attributing the adjustment to rising global crude oil prices. In a statement released on Sunday, the refinery explained that fluctuations in international crude prices directly influence the cost of petrol production, impacting its ex-depot price.
Earlier this week, Dangote Refinery increased its depot price of Premium Motor Spirit (PMS) from N899.50 to N950 per litre, marking a 5% hike. However, the refinery emphasized that this adjustment is significantly lower than the 15% surge in global crude oil prices. Brent Crude oil prices recently climbed from $70 to $82 per barrel, with Nigerian crude attracting an additional $3 premium per barrel.
Despite these challenges, the refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre. Its distribution partners, including Ardova, Heyden, and MRS Holdings, retail petrol nationwide at N970 per litre.
This clarification comes amid growing concerns over the impact of rising fuel prices on Nigerians. The refinery reiterated its commitment to ensuring that price adjustments remain as minimal as possible in the face of volatile global market conditions. The statement highlights Dangote Refinery's role in balancing international market pressures with efforts to sustain affordable fuel prices domestically.
The announcement addresses public concerns while shedding light on the interconnectedness of global crude oil trends and local fuel prices.
