Dangote Refinery has guaranteed Nigerians that three of its partners will sell fuel for ₦970 per litre nationwide, despite recent increases in the ex-depot price.
According to Anthony Chiejina, a spokesman for the refinery, the recent adjustment in the company’s ex-depot pricing “is directly related to the significant increase in global crude oil prices”.
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In a statement on Sunday, Chiejina said, “While we have made a 5% 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% 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).”
Chiejina stated that Dangote Refinery has absorbed around half of the cost hikes in the international oil market.
“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 per litre,” he said.
The company’s spokesman stated that in the spirit of transparency and good governance, Dangote Refinery will begin posting its ex-depot, ex-vessel, and pump prices on a weekly basis to ensure that consumers are not exploited.
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