Dangote Refinery has clarified 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.”
In a statement on Sunday, the refinery noted that “any fluctuation in its international price inevitably impacts the cost of the finished product.”
Earlier this week, Dangote implemented a 5% increase in the depot price of petrol, raising it from N899.50 to N950 per litre.
However, the statement clarified that “it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices.”
The 15% increase in global crude oil prices 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.
Despite this, Dangote Refinery has maintained the Single-Point Mooring, SPM, ex-vessel price at N895 per litre.
All its partners, including Ardova, Heyden, and MRS Holdings, will retail petrol to Nigerians at a price of N970 per litre nationwide