Dangote Petroleum Refinery has adjusted the ex-depot price of Premium Motor Spirit (PMS) from N899.50 to N950 per litre, citing the recent rise in global crude oil prices.
The adjustment comes as Brent Crude prices surged by 15%, moving from $70 to $82 per barrel, alongside a $3 premium for Nigerian crude in international markets.
Despite the global cost pressures, Dangote Refinery is absorbing 50% of the increased costs to minimize the impact on Nigerian consumers.
Retail prices across the country will remain uniform at N970 per litre, with the company covering logistics costs to ensure consistent pricing across all 36 states and the Federal Capital Territory. Without these measures, the retail price could have exceeded N1,150 per litre.
The refinery emphasized its dedication to delivering top-quality petrol at competitive prices and announced plans to enhance transparency by publishing its ex-depot, ex-vessel, and pump prices weekly.
This initiative aims to prevent consumer exploitation and foster trust in the market.
Additionally, Dangote Refinery acknowledged the “Naira for Crude Initiative” introduced by President Bola Ahmed Tinubu, describing it as a visionary policy that has enabled steady access to affordable PMS while shielding Nigerians from the full brunt of global oil price volatility.
Reaffirming its commitment to Nigeria’s economic growth and resilience, the company promised to continue prioritizing consumer welfare and delivering value amidst evolving market conditions.