Dangote Refinery Guarantees Partners Will Sell Petrol at ₦970/Litre Despite Price Increase

Dangote Refinery has assured Nigerians that three of its partners Ardova, Heyden, and MRS Holdings would sell petrol for ₦970 per litre nationwide despite the company’s recent increase in the ex-depot price of fuel.

The spokesman for the refinery, Anthony Chiejina said in a statement on Sunday the recent adjustment in the company’s ex-depot price “is directly related to the significant increase in global crude oil prices”.

He said: “While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase 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, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.

“Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.

“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”

Chiejina said Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market.

“If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre,” he added.

Chiejina said Dangote Refinery would start publishing its ex-depot price, ex-vessel price and pump price on a weekly basis so that consumers are not exploited.

By: Babajide Okeowo