Dangote Refinery and Petrochemicals Company has linked the recent increase in the price of Premium Motor Spirit (PMS) at the downstream market to rise in global crude oil prices.
The company, in a statement on Sunday, maintained that fluctuations in the global crude oil prices affected the cost of production of petroleum products locally, given the latest 15% rise in Brent Crude prices from $70 to $82 per barrel a few days ago.
The management confirmed a 5% adjustment in the refinery’s ex-depot price, increasing it from N899.50 to N950 per litre, adding that despite the surge in global prices, the company has made efforts to minimize the impact of the rising crude oil prices in the global market on fuel users by keeping the retail price of petrol at N970 per litre nationwide.
It clarified: “We understand the importance of affordable fuel for all Nigerians.While we have made a modest adjustment, we have absorbed around 50% of the increased costs in order to shield the Nigerian people from the full impact of global price volatility.”
In demonstration of its commitment to transparency, the company’s management stated that the company would now be publishing its ex-depot price, ex-vessel price and pump price on a weekly basis to ensure that consumers are well-informed about the prices in order to protect them from any potential exploitation.
Dangote Refinery’s management also commended President Bola Tinubu for the introduction of the Naira for Crude Initiative, saying the measure has played a key role in stabilising fuel prices in the country and protecting consumers from the negative impact of price fluctuations in the global oil market.
It assured the company’s continued commitment to providing high-quality, affordable fuel to Nigerians.
