From Our Correspondent
Lagos, Jan. 20 ’25 (TNZ) Dangote Refinery has attributed the recent hike in the pump price of petrol across the country to high crude oil prices at the international market.
TheNewsZenith reports that the company, in a statement, noted that the refinery was not directly responsible for the hike.
It noted that any fluctuation in the international crude oil price inevitably impacts the cost of the finished product.
Dangote stated that it recognises the importance of affordable fuel for Nigerians.
It expressed commitment to continue offering the best value with guaranteed quality for its customers.
“We have made a five per cent adjustment to our ex-depot price from N899.50 to N950 per litre.
“It is important to note that this increase is considerably lower than the 15 per cent rise in global crude oil prices.
“The global prices have seen Brent Crude rise from $70 to $82 in a matter of days.
“This is in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets.
“Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre,” TheNewsZenith quotes Dangote as stating.
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It noted that all Dangote partners, including Ardova, Heyden and MRS Holdings, would offer petrol to Nigerians at a retail price of N970 per litre nationwide.
“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).
“Dangote Refinery has absorbed approximately 50 per cent of the cost increases in the international oil market.
“This is due to our unwavering commitment to quality and affordability, which remains central to our mission.
“If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would have been approximately N1,150 to N1,200 per litre in some locations.
“We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices.
“In these challenging times, we continue to prioritise the best interests of Nigerians.
“We will strive to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.”
The company appreciated the continued trust and support of Nigerians as it strive to deliver the best value for their money. (TNZ)
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