Dangote Refinery has clarified the recent increase in the ex-depot price of Premium Motor Spirit (PMS), citing a significant rise in global crude oil prices as the primary reason. The ex-depot price was adjusted to N950 per litre, up from N899. Despite this, marketers like Ardova and MRS will retail PMS at N970 per litre nationwide.
The refinery explained that it absorbed part of the cost to prevent retail prices from soaring to N1,200 per litre, which would have been the case if the full impact of crude price increases had been passed on to consumers. It also covered logistics costs to maintain uniform pricing across all 36 states and the Federal Capital Territory.
Dangote Refinery further praised the “Naira for Crude” initiative introduced by President Bola Ahmed Tinubu, highlighting its role in ensuring affordable PMS amidst volatile global oil markets. The refinery assured Nigerians of its commitment to transparency, quality, and affordability, announcing plans to publish weekly price updates to protect consumers from exploitation.
