The management of Dangote Industries Limited, parent company of the Dangote Petroleum Refinery, on Sunday announced a 5% adjustment to its ex-depot price for Premium Motor Spirit (petrol) from N899.50 to N950 per litre.

This, the group explained, 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.

The group explained that the price of petrol is directly related to the significant rise in global crude oil prices, stressing that crude is the primary input in the production of PMS.

The statement noted that any fluctuation in its international price inevitably impacts the cost of the finished product, adding that “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.

“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 said it has “absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission. 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.”

It expressed commitment “to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.”

In the interest of transparency and good governance, Dangote Refinery said it will  begin publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited.