In a move aimed at ensuring uniform pricing and transparency in the petroleum sector, Dangote Refinery has announced a new retail price for Pure Motor Spirit (PMS) popularly called petrol at N970 per liter across all 36 states of the federation and the Federal Capital Territory (FCT). This development is expected to bring relief to consumers who have been grappling with fluctuating fuel prices.
The Reason Behind the Price Adjustment
According to a statement released by Anthony Chiejina, spokesman for Dangote Refinery, the recent adjustment in the company’s ex-depot price is a direct response to the significant increase in global crude oil prices. Chiejina explained that the 5% adjustment from N899.50 to N950 per liter is considerably lower than the 15% rise in global crude oil prices.
The refinery has also maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per liter. Chiejina noted that Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. If the refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per liter in some locations.
Partnership with Major Petroleum Marketers
To ensure uniform pricing across the country, Dangote Refinery has partnered with major petroleum marketers, including Ardova, Heyden, and MRS Holdings. These partners will offer petrol to Nigerians at the uniform retail price of N970 per liter nationwide. The refinery has absorbed the increased logistics costs to guarantee this uniform pricing.
In the interest of transparency and good governance, Dangote Refinery has committed to publishing its ex-depot price, ex-vessel price, as well as pump price every week. This move is aimed at preventing the exploitation of consumers and ensuring that they have access to accurate and timely information.
A Welcome Relief for Nigerians
The development is a welcome relief for Nigerians who have been grappling with the challenges of fluctuating fuel prices. The uniform pricing announced by Dangote Refinery is expected to bring stability to the petroleum market and provide consumers with a sense of predictability.
The announcement by Dangote Refinery of a uniform petrol price of N970 per liter across the country is a positive development that is expected to bring succor to consumers. The refinery’s commitment to transparency and good governance is a welcome move that will help to build trust and confidence in the petroleum industry.
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