In a move aimed at mitigating the impact of skyrocketing global crude oil prices on Nigerian consumers, Dangote Petroleum Refinery has announced a modest 5% increase in the ex-depot price of Premium Motor Spirit (PMS), from N899.50 to N950 per litre.
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This strategic decision underscores the refinery’s commitment to providing affordable and high-quality fuel to Nigerians.
The recent surge in global crude oil prices, with Brent Crude prices jumping from $70 to $82 per barrel, posed a significant challenge to the Nigerian oil industry.
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However, Dangote Refinery has demonstrated its dedication to protecting Nigerian consumers by absorbing nearly 50% of the price hike.
This proactive measure ensures that the retail price of PMS remains stable at N970 per litre nationwide.
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By absorbing a substantial portion of the increased logistics costs, Dangote Refinery has also guaranteed consistent pricing across Nigeria, eliminating price disparities across different regions.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will also retail petrol at the uniform price of N970 per litre nationwide.
In a statement, Dangote Refinery reiterated its unwavering commitment to providing Nigerians with reliable, top-quality petrol at competitive prices.
The refinery also emphasized its dedication to transparency, pledging to publish its ex-depot price, ex-vessel price, and pump price on a weekly basis.
The refinery expressed its gratitude to President Bola Ahmed Tinubu’s administration for introducing the Naira for Crude Initiative, a visionary policy that has enabled consistent access to high-quality PMS for Nigerians while shielding them from the volatility of the international oil market.
As the Nigerian oil industry navigates the complexities of global price fluctuations, Dangote Refinery remains resolute in its commitment to prioritizing the best interests of Nigerian consumers.
By absorbing a significant portion of the global oil price hike, the refinery has demonstrated its unwavering dedication to providing affordable and high-quality fuel to Nigerians.