January 20, (THEWILL) – Dangote Petroleum Refinery has announced a proactive decision to cushion the impact of rising global oil prices on Nigerians, ensuring that fuel costs remain stable despite international crude oil volatility.
In a statement issued by its Group Chief Branding and Communications Officer, Anthony Chiejina, the company underscored its commitment to prioritising affordability for Nigerians while maintaining the quality of its Premium Motor Spirit.
The statement revealed that while the ex-depot price of petrol was adjusted from N899.50 to N950 per litre, the refinery absorbed a significant portion of the 15% increase in global crude oil prices, which recently rose from $70 to $82 per barrel.
The refinery noted that the 5% price adjustment is considerably lower than the global spike, highlighting its effort to shield consumers from the full economic impact.
“We wish to clarify that the recent adjustment in our ex-depot price is directly tied to the increase in global crude oil prices. Crude oil remains the primary input for PMS production, and fluctuations in its international price invariably impact the cost of the finished product. However, we are committed to delivering the best value to Nigerians,” Chiejina said.
To maintain price uniformity across the country, it said it has also absorbed logistics costs, ensuring petrol is sold at a retail price of N970 per litre nationwide, including the Federal Capital Territory.
The company disclosed that without its intervention, Nigerians could have faced retail prices as high as N1,150 to N1,200 per litre, further burdening citizens already grappling with economic challenges.
“All our partners, including Ardova, Heyden, and MRS Holdings, will sell petrol at a nationwide retail price of N970 per litre. This is part of our unwavering commitment to ensuring affordability and quality,” the statement added.
In a move to promote transparency, the refinery announced plans to publish its ex-depot, ex-vessel, and pump prices weekly.
This initiative aims to protect consumers from potential price exploitation while fostering trust in its operations.
The refinery also expressed gratitude to President Bola Tinubu for supporting initiatives like the “Naira for Crude” scheme.
It said the programme has been instrumental in maintaining a steady supply of PMS in Nigeria and mitigating the effects of global price volatility.
“We thank President Bola Ahmed Tinubu for his visionary Naira for Crude Initiative, which has enabled consistent access to high-quality PMS for Nigerians and protected them from the unpredictable swings of the global oil market,” the statement noted.
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