Dangote Refinery confirms hike in fuel price, blames soaring global oil prices 

The Dangote Refinery reportedly increased the price of PMS at its depots from N899 to N955 effective on Friday, as confirmed by oil marketers  

In a statement issued on Sunday by the Branding and Communications Officer of Dangote Group Anthony Chiejina, the company confirmed the hike but absolved itself of responsibility.  

The company explained that the hike was a result of the soaring price of crude oil in the international market which has risen over 12% in the last month. 

The Dangote Group noted that the hike of its depot price of PMS is lower than the percentage rise of Brent oil, the international benchmark of crude oil. This, it said is to show its commitment “to offering the best value with guaranteed quality to our customers.” 

Meanwhile, the company added that it is maintaining a Single-Point Mooring (SPM) ex-vessel price of N895 per litre, a depot price of N955, while its partners will sell at a retail price of N970. 

The company noted that If it were to pass on the entire percentage 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. 

The company further stated that will commence publishing its ex-depot price, ex-vessel price as well as pump price every week “in the interest of transparency and good governance,” so that consumers are not exploited. 

It thanked President Bola Tinubu for the introduction of the Naira for Crude Initiative which “has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market.” 

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