Relief As Dangote Announces That MRS, Ardova, Heyden Will Sell Petrol ₦970/Litre

The New Diplomat
Writer

Ad

The Need for Nigeria to Lead Africa in the Emerging Age of Artificial Intelligence

By Sonny Iroche Introduction: Standing at the Threshold of the Fourth Industrial Revolution The world is on the cusp of a seismic transformation driven by Artificial Intelligence (AI). Just as steam engines powered the first Industrial Revolution, electricity and mechanization the second, and digital computing the third, AI is the defining force of the Fourth…

Why Wike Should Resign or Be Sacked: A Call to Organized Civil Society in Nigeria to Uphold Anti-corruption Standards with Consistency, By Frank Tietie

By Frank Tietie The revelations by Nigerian social crusader, investigative journalist, and activist Omoyele Sowore regarding the current Minister of the Federal Capital Territory, Nyiesome Wike, are serious and warrant the attention of all Nigerians who care about the integrity of the country. Sowore has alleged that Wike laundered funds and concealed the purchase of…

Dangote Refinery Slams PENGASSAN, Describes Order as ‘Economic Sabotage’

By Abiola Olawale In an escalating labor showdown, the Dangote Petroleum Refinery has fired back at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticising the latter’s order on Saturday. This is as the refinery owned by Africa’s richest person, Alhaji Aliko Dangote described PENGASSAN's order to cut crude oil and gas…

Ad

By Abiola Olawale

The Dangote Refinery, owned by Africa’s Richest individual and renowned business magnate, Alhaji Aliko Dangote, has provided a reassuring commitment to the Nigerian populace following reports of a hike in the pump price of petrol.

The refinery has announced that three of its key partners will be offering petrol for ₦970 per litre across the country.

This pledge comes on the heels of a recent adjustment in the refinery’s ex-depot petrol prices, which has raised concerns among consumers.

A spokesman for the refinery, Anthony Chiejina, said the recent adjustment in the company’s ex-depot price “is directly related to the significant increase in global crude oil prices”.

In a statement on Sunday, Chiejina said, “While we have made a 5% 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% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, 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.

“All our partners, including Ardova, Heyden, and MRS Holdings, will 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).”

Chiejina said Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. “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 be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre,” he said.

The company’s spokesman said in the interest of transparency and good governance, Dangote Refinery would commence publishing its ex-depot price, ex-vessel price as well as pump price every week so that consumers are not exploited.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp