The Dangote Petrochemical Refinery has explained that its recent increase in the price of Premium Motor Spirit (PMS), commonly called petrol, to the rising cost of crude oil in global markets.<\/p>\n
According to a statement issued on Sunday, January 19, 2025, via its official X handle, the refinery announced an adjustment in its ex-depot price from \u20a6899 to \u20a6955 per litre.<\/p>\n
\u201cThe recent adjustment in our ex-depot price of Premium Motor Spirit (petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product,\u201d the statement read.<\/p>\n
It explained that while global crude oil prices have surged by 15%, from $70 to $82 per barrel, the refinery\u2019s price adjustment reflects only a 5% increase. Additionally, the premium for Nigerian crude oil, currently about $3 per barrel, has further influenced production costs.<\/p>\n
Despite these pressures, Dangote Refinery has maintained its Single-Point Mooring (SPM) ex-vessel price at \u20a6895 per litre.<\/p>\n
The refinery also confirmed that its partners\u2014Ardova, Heyden, and MRS Holdings\u2014would retail petrol nationwide at \u20a6970 per litre. The company stated it has absorbed the increased logistics costs to ensure uniform pricing across the country, including the Federal Capital Territory (FCT).<\/p>\n
\u201cIf 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 \u20a61,150 to \u20a61,200 per litre in some locations, compared to the current price of \u20a6970 per litre,\u201d the statement clarified.<\/p>\n
The company emphasized its commitment to affordability by absorbing nearly 50% of the cost increases to shield Nigerians from the full impact of global price volatility.<\/p>\n
\u201cIn these challenging times, we continue to prioritize the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions,\u201d the statement added.<\/p>\n
The refinery thanked Nigerians for their trust and support while reaffirming its dedication to providing high-quality petrol at competitive prices and contributing to economic self-sufficiency.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Dangote Petrochemical Refinery has explained that its recent increase in the price of Premium Motor Spirit (PMS), commonly called petrol, to the rising cost of crude oil in global markets. According to a statement issued on Sunday, January 19, 2025, via its official X handle, the refinery announced an adjustment in its ex-depot price […]<\/p>\n","protected":false},"author":2,"featured_media":7240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-7239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=7239"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7239\/revisions"}],"predecessor-version":[{"id":7241,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7239\/revisions\/7241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/7240"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=7239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=7239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=7239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}