Dangote Refinery has rejected criticisms directed at it over the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS) otherwise known as petrol.

In a statement by Anthony Chiejina, its Group Chief Branding and Communication Officer on Sunday, January 19, 2025, the indigenous refinery distanced itself from an alleged arbitrary increase in the pump price of the commodity.

This is coming a few days after the company announced an upward review of petrol prices from its gantry in Lagos.

According to the new price template, customers interested in a bulk purchase between two million and 4.99 million litres will pay the rate of N955 per litre.

Dangote also said bulk buyers acquiring five million litres or more will now pay N950 per litre.

Following the announcement, prices of the product witnessed an uptick in several filling stations across the country, triggering groans in certain quarters.

Dangote Refinery denies responsibility for petrol price hike

Contrary to speculations, Dangote Refinery clarified that the latest upward review in petrol prices was influenced by fluctuations in global crude oil prices.

“The 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 oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product,” the statement partly read.

It further explained that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.

“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.

Dangote disclosed that it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices to shield consumers from the full impact of rising costs.

The company's retail partners, including Ardova, Heyden, and MRS Holdings, will dispense petrol at a uniform price of N970 per litre across Nigeria.

“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.

Dangote announced plans to publish its ex-depot, ex-vessel, and pump prices weekly to address concerns over price transparency.

“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.