Dangote Refinery has assured Nigerians that petrol will retail at ₦970 per litre across the country through its partners, despite a recent increase in its ex-depot price. The company attributed the adjustment to the rise in global crude oil prices.
In a statement on Sunday, the refinery’s spokesperson, Anthony Chiejina, explained that the ex-depot price had been adjusted by 5%, increasing from ₦899.50 to ₦950 per litre. However, he emphasized that this adjustment is lower than the 15% surge in global crude oil prices, with Brent Crude rising from $70 to $82 per barrel, alongside a $3 premium for Nigerian crude.
Chiejina noted that the Single-Point Mooring (SPM) ex-vessel price remains at ₦895 per litre. He also confirmed that Dangote Refinery’s partners—Ardova, Heyden, and MRS Holdings—would sell petrol at ₦970 per litre nationwide, ensuring uniform pricing across all 36 states and the Federal Capital Territory (FCT).
The refinery has absorbed approximately 50% of the cost increases to shield consumers from higher prices. According to Chiejina, if the full impact of crude oil price increases were passed on to the market, the retail price of petrol would range between ₦1,150 and ₦1,200 per litre in some locations.
To promote transparency and accountability, Dangote Refinery will begin publishing its ex-depot price, ex-vessel price, and pump price on a weekly basis to prevent consumer exploitation.
