The Dangote Petroleum Refinery has clarified that the recent pump price hike for Premium Motor Spirit (PMS), also known as petrol, was driven by rising global crude oil prices and not an internal decision by the company.

Announcing the new prices, the refinery set the cost at N955 per litre at the loading gantry, up from the previous N899.50 per litre. Marketers purchasing between 2 and 4.99 million litres will pay N955 per litre, while those buying 5 million litres or more will receive a discounted rate of N950 per litre. This adjustment reflects a 6.17% increase, adding N55.5 per litre to the promotional December holiday rate.

In a statement issued by its Group Chief Branding and Communications Officer, Anthony Chiejina, the company emphasized that crude oil price fluctuations directly impact PMS production costs. The statement noted that Brent Crude recently surged from $70 to $82 per barrel, alongside an added premium for Nigerian crude of approximately $3 per barrel.

“We have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, significantly lower than the 15% rise in global crude oil prices,” the statement said.

Dangote Refinery has absorbed increased logistics costs to ensure uniform pricing across all 36 states and the Federal Capital Territory (FCT). The company maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.

Despite rising production costs, the refinery emphasized its commitment to providing affordable fuel for Nigerians, stating that if it passed on the full impact of crude price increases, the pump price of PMS could rise to between N1,150 and N1,200 per litre in some areas.

To promote transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices weekly.

Dangote also expressed gratitude to President Bola Ahmed Tinubu for introducing the “Naira for Crude” initiative, which the refinery credits for stabilizing the supply of high-quality PMS and insulating Nigerian consumers from global oil market volatility.

The company reaffirmed its dedication to delivering quality fuel at competitive prices, ensuring that Nigerians are shielded from global price fluctuations while supporting the country’s journey toward self-sufficiency in energy.