Dangote Refinery has publicly addressed the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, attributing it to the significant rise in global crude oil prices. In a statement released on Sunday, the refinery explained that the price of petrol is inherently linked to international crude oil prices, stating, “any fluctuation in its international price inevitably impacts the cost of the finished product.”
The refinery had earlier this week announced a 5% hike in the depot price of petrol, escalating it from N899.50 to N950 per litre. However, the statement highlighted that this increase was moderate when compared to the 15% surge in global crude oil prices. Specifically, Brent Crude, a major benchmark, has jumped from $70 to $82 per barrel within days, with an additional premium of about $3 per barrel for Nigerian crude in the international market.
Despite these increases, Dangote Refinery has decided to keep the Single-Point Mooring (SPM) ex-vessel price le at N895 per litre. This decision aims to mitigate some of the price impacts on consumers.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, have agreed to maintain a uniform retail price of N970 per litre for petrol across the nation, ensuring that the price adjustment does not disproportionately burden Nigerian consumers. This move reflects an effort to absorb some of the increased costs due to global market dynamics while still providing fuel at a competitive rate.
This clarification from Dangote Refinery comes as part of ongoing efforts to communicate pricing adjustments transparently, emphasizing the direct correlation between international crude oil prices and domestic fuel prices.
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Wow, do you think Dangote Refinery should have waited before adjusting petrol prices? Maybe they acted too quickly.
Wow, cant believe Dangote Refinery is adjusting petrol prices already! Do you think this will impact other fuel companies too?
Hmm, I wonder if this price adjustment will really benefit consumers or just add more profit to Dangote Refinerys pockets.
Wow, cant believe Dangote Refinery is adjusting petrol prices already. Is this fair to consumers or just business as usual? 🤔
Wow, Dangote Refinery adjusting prices because of global oil surge? Is this fair to consumers or just business strategy? Lets discuss!
Isnt it crazy how one refinery can impact petrol prices globally? The power of big corporations is mind-blowing.
I think its unfair for Dangote Refinery to adjust petrol prices based on global crude oil prices. Why should we suffer for soing beyond our control?
Wow, do you think Dangote Refinerys petrol price adjustment is fair or just adding to the burden on consumers? Lets discuss!