Dangote Petroleum Refinery has increased its ex-depot price from N899.50 to N950 per litre, absorbing the rise in logistics costs to ensure uniform pricing across all 36 states and the Federal Capital Territory, allowing its marketing partners—Ardova, Heyden, and MRS Holdings—to sell petrol nationwide at a retail price of N970 per litre.

Anthony Chiejina, Group Chief Branding and Communication officer of the Dangote Group, made this known in a press statement released on Sunday.

According to him, the recent adjustment in the refinery’s ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.

He explained that the global crude oil prices recorded 15 percent rise, 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.

He said, “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.

“Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.

Chiejina further revealed that the refinery has absorbed approximately 50% of the cost increases in the international oil market, adding that this is due to the company’s unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission.

He emphasised that 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/L.

The Dangote Group’s spokesperson noted that the refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited and in the interest of transparency.