Dangote Petroleum Refinery has announced an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, attributing the adjustment to the rising cost of crude oil in the international market. According to the company, petrol will now be sold at N955 per litre at the loading gantry, a notable rise from the previous price of N899 per litre.

In a statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, Dangote Refinery clarified that the price revision was driven by fluctuations in global crude oil prices. The company emphasized that as crude oil serves as the primary raw material for refining petrol, any increase in its cost directly impacts the price of the final product.

The updated pricing structure indicates that marketers purchasing between 2 million and 4.99 million litres will pay N955 per litre, while those buying 5 million litres or more will receive a discounted rate of N950 per litre. This represents a 6.17% increase, adding N55.50 to the previously discounted price of N899.50 per litre, which was part of a promotional offer during the December holiday season.

The refinery assured customers that despite the increase, the adjustment remains lower than the 15% surge in crude oil prices, which recently saw Brent crude rise from $70 to $82 per barrel, with Nigerian crude attracting an additional premium of approximately $3 per barrel.

Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre. The company's major distribution partners, including Ardova, Heyden, and MRS Holdings, will retail petrol to consumers nationwide at N970 per litre.

To ensure uniform pricing across all states, Dangote Refinery stated that it has absorbed a significant portion of rising logistics costs. The company emphasized its commitment to providing affordable fuel while maintaining product quality, noting that if the full increase in crude oil costs were passed on to consumers, pump prices could have risen to between N1,150 and N1,200 per litre in some locations.

Dangote Refinery also announced plans to enhance transparency by publishing its ex-depot, ex-vessel, and retail prices on a weekly basis, ensuring consumers have access to accurate pricing information.

The company expressed appreciation for President Bola Ahmed Tinubu’s Naira for Crude Initiative, which it described as a transformative policy that has helped stabilize fuel supply in the country while shielding consumers from global price fluctuations.

Dangote reaffirmed its dedication to delivering high-quality petrol at competitive prices and pledged to continue supporting Nigeria's energy security and economic resilience.