Dangote Refinery added that “any fluctuation in its international price inevitably impacts the cost of the finished product”
By Kehinde Okeowo
Dangote Refinery on Sunday linked the recent hike price of Premium Motor Spirit (PMS), otherwise called Petrol to a “significant increase in global crude oil prices.”
The petroleum company made this known in a statement, where it argued that “the recent adjustment in ex-depot price of Petrol” was beyond its control.
It further added that “any fluctuation in its international price inevitably impacts the cost of the finished product.”
Prior to this, Dangote Refinery had implemented a 5% increase in the depot price of petrol, raising it from N899.50 to N950 per litre.
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However, the statement clarified that “it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices.”
The 15% increase in global crude oil prices has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
Despite this, Dangote Refinery has maintained the Single-Point Mooring, SPM, ex-vessel price at N895 per litre.
Apart from this, all its partners, including Ardova, Heyden, and MRS Holdings, will retail petrol to Nigerians at a price of N970 per litre nationwide.
