By Our Correspondent
Dangote Petroleum Refinery has attributed the recent hike in Premium Motor Spirit (PMS), pump price to global crude oil price fluctuations, emphasizing that the adjustment is beyond its control.
In a statement, the company explained that its 5% increase in ex-depot price, from N899.50 to N950 per litre, is a response to a 15% surge in Brent crude prices, which rose from $70 to $82 per barrel, alongside additional premiums for Nigerian crude.
Despite this, Dangote maintained the retail pump price at N970 per litre nationwide, far below the N1,150 to N1,200 per litre that would have reflected the full cost increase.
“Our priority remains affordability and quality for Nigerians. We have absorbed half of the cost increases to cushion the impact on consumers,” the statement read.
Dangote also pledged transparency by publishing weekly ex-depot, ex-vessel, and pump prices while commending the government’s Naira for Crude Initiative for ensuring PMS availability and price stability amidst global market challenges.
