*Says PMS will sell for N1,150 to N1,200/litre if customers pay full price 

Emmanuel Addeh in Abuja and Peter Uzoho

The Dangote refinery yesterday explained that the recent rise in its ex-depot petrol price from N899 to between N950 to N955 per litre was caused by the increase in the international price of crude oil by about 15 per cent.
The facility located in Lagos has also fixed the retail price of the product at a uniform price of N970 per litre in the 36 states and the Federal Capital Territory (FCT) to be implemented by its partners, including Ardova, Heyden, and MRS Holdings.
It disclosed this in a statement issued by the Group’s Chief Branding and Communication Officer of Dangote Industries Limited, Mr. Anthony Chiejina.
The company also explained that the 5 per cent increase in its bulk purchase cost from N899 to N950 per litre was considerably lower than the 15 rise in global crude oil prices, which had seen Brent Crude rise from $70 to $82 in a matter of days.
According to the management of the 650,000 bpd facility, henceforth there will be a weekly publication of its ex-depot, ex-vessel and pump prices in the interest of transparency and good governance as well as to prevent exploitation of consumers.
At the weekend, the refinery announced an upward adjustment in the bulk prices of its petrol from N899 to N950 and N955 per litre, depending on volume being bought by a customer, citing escalating global crude oil prices which were trading above $80 per barrel.
Specifically, the refinery noted that marketers buying between 2 million to 4.99 million litres will now buy at N955 per litre while 5 million litres and above will buy at N950 per litre.
However, yesterday, the refinery clarified that the recent adjustment in the ex-depot price of  petrol was directly related to the significant increase in global crude oil prices as crude remains the primary input in the production of petrol.
The Aliko Dangote-owned company argued that any fluctuation in the international price of crude oil inevitably impacts the cost of the finished product.
The company said they recognised the critical importance of affordable fuel for all Nigerians and remained committed to offering the best value with guaranteed quality to their customers.
“We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. 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.
“At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers.
“While we have made a 5 per cent adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15 per cent rise in global crude oil prices, 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. Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.
“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”

Dangote Refinery also said that it had absorbed approximately 50 per cent of the cost increases in the international oil market, arguing that that sacrifice was due to its commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remains central to the company’s mission.

According to the statement, if Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of petrol would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.

It said it was committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices.

In these challenging times, the company said it would continue to prioritise the best interest of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.

Dangote refinery expressed its appreciation for the continued trust and support of Nigerians as it strives to deliver the best value for money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations.

Furthermore, the refinery announced its plan to commence weekly publication of its ex-depot, ex-vessel as well as pump prices to ensure transparency and prevent exploitation of consumers.

“In the interest of transparency and good governance, Dangote refinery will now commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited,” it noted.

It expressed gratitude to President Bola Tinubu for the introduction of the Naira-for-Crude initiative, describing it as a groundbreaking initiative that has enabled consistent access to high-quality petrol for all Nigerians.