The Dangote Petroleum Refinery, Africa’s first private refinery, has announced a strategic decision to absorb a significant portion of the rising global crude oil costs, ensuring that Nigerians continue to benefit from stable fuel prices.
In a statement released by its Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery reaffirmed its commitment to providing high-quality, affordable fuel to Nigerians despite a global crude oil price increase from $70 to $82 per barrel.
Controlled Price Adjustment to Mitigate Global Impact
While Dangote Refinery recently adjusted the ex-depot price of Premium Motor Spirit (PMS) from ₦899.50 to ₦950 per litre, the increase reflects only 5% of the global crude price surge, which rose by 15%. This strategic move protects Nigerian consumers from the full impact of international price hikes.
The refinery clarified that, without intervention, Nigerians could have faced petrol prices ranging between ₦1,150 and ₦1,200 per litre, exacerbating the economic burden on consumers.
Uniform Pricing Across Nigeria
To ensure price stability nationwide, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at ₦895 per litre, absorbing increased logistics costs to guarantee uniform pricing across all 36 states and the Federal Capital Territory (FCT).
“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of ₦970 per litre nationwide. This reflects our commitment to shielding consumers from undue price disparities caused by global market fluctuations,” the statement noted.
Commitment to Transparency
In its commitment to transparency, Dangote Refinery has pledged to publish ex-depot, ex-vessel, and pump prices weekly, ensuring consumers remain informed and protected from price manipulation.
Collaboration with the Nigerian Government
The company expressed gratitude to President Bola Ahmed Tinubu’s administration, particularly for the Naira for Crude Initiative, which has enabled consistent access to PMS and mitigated global price volatility.
“This groundbreaking initiative has allowed Nigerians to enjoy a steady fuel supply while insulating the market from the unpredictability of global oil prices,” the statement added.
A Nigerian-Owned Refinery with National Interests at Heart
Dangote Petroleum Refinery’s decision to absorb approximately 50% of the international oil market’s cost increases underscores its mission to prioritize national interests over short-term profits.
The refinery’s proactive measures ensure affordable access to PMS for millions of Nigerians already grappling with inflation and economic challenges.
