Dangote Refinery has announced a 5% increase in its ex-depot price of petrol, citing the significant rise in global crude oil prices. The adjustment raises the ex-depot price from ₦899.50 to ₦950 per litre, although the company emphasized that this increase is well below the 15% surge in global crude prices, which have seen Brent Crude rise from $70 to $82 in just a few days.
Despite the price adjustment, Dangote Refinery has assured Nigerians that the retail price of petrol will remain at ₦970 per litre nationwide. This price, which will be upheld by the refinery’s partners including Ardova, Heyden, and MRS Holdings, has been set with the aim of maintaining uniform pricing across the country, including the 36 states and the Federal Capital Territory (FCT).
In a statement, Anthony Chiejina, a spokesperson for Dangote Refinery, noted that the company had absorbed a significant portion of the increased costs. “We have absorbed approximately 50% of the increased logistics and international oil market costs to ensure that the retail price remains manageable for consumers,” Chiejina said.
He further explained that if the full increase in global crude oil prices were passed on to the market, the retail price of petrol could have risen to between ₦1,150 and ₦1,200 per litre in some locations.
In an effort to promote transparency and good governance, Dangote Refinery announced it will begin publishing its ex-depot, ex-vessel, and pump prices on a weekly basis. This initiative is aimed at safeguarding consumers from potential exploitation amid fluctuating oil prices.
The refinery’s price adjustments come at a time when the global oil market is experiencing volatility, impacting fuel prices worldwide.
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