Dangote Refinery has attributed the recent hike in the ex-depot price of Premium Motor Spirit (PMS) to the significant rise in global crude oil prices. The company emphasized that since crude oil is the primary input in PMS production, fluctuations in its international price directly affect the cost of the finished product.

In a statement, Dangote Refinery confirmed that it has absorbed about 50% of the cost increases resulting from fluctuations in the international oil market. The company aims to ensure affordable fuel for all Nigerians, maintaining its commitment to providing the best value, with a focus on guaranteed quality, to its customers.

The recent 5% adjustment to the ex-depot price from N899.50 to N950 per litre is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days. Additionally, the premium for Nigerian crude (approximately $3 per barrel) in international markets has contributed to the price increase.

Dangote Refinery has also stressed that all its partners, including Ardova, Heyden, and MRS Holdings, will sell petrol to Nigerians at a retail price of N970 per litre across the country. This move aims to ensure uniform pricing and maintain affordability for consumers nationwide.

Without this adjustment, the retail price of Premium Motor Spirit (PMS) could have surged from N1,150 to N1,200 per litre in some regions, compared to the current price of N970. The company's commitment to providing reliable, top-quality petrol at competitive prices, despite the global price volatility, remains a priority.

Dangote Refinery's efforts to shield consumers from the full impact of global price volatility while adapting to evolving market conditions demonstrate its dedication to the Nigerian people. As the company continues to navigate the challenges of the international oil market, its commitment to affordable fuel for all Nigerians remains a key focus area.

The recent development is a testament to Dangote Refinery's ability to adapt to changing market conditions while prioritizing the best interests of Nigerians. As the company continues to grow and expand its operations, its commitment to providing reliable, top-quality petrol at competitive prices is expected to remain a core aspect of its business strategy.

In the context of Nigeria's energy landscape, Dangote Refinery's efforts to ensure affordable fuel for all Nigerians are crucial. The company's ability to absorb a significant portion of the cost increases resulting from global crude oil price fluctuations demonstrates its commitment to supporting the Nigerian economy and its people.

As the global energy landscape continues to evolve, Dangote Refinery's adaptability and commitment to affordable fuel for all Nigerians will be critical in maintaining stability and competitiveness in the Nigerian energy sector.