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

The New Diplomat
Writer

Ad

Ranked: Top Sources of Billionaire Wealth by Industry

Key Takeaways Forbes found finance and investments leads the top sources of billionaire wealth (464 billionaires) in 2025. Technology is the second-most common sector for billionaires (401), adding 59 new names since 2024. The world’s ultra-rich aren’t evenly spread across either the globe or the economy. Instead, their fortunes tend to cluster in a handful of high-growth, high-margin industries. This…

Constitutionality of suspending elected public Officers in a state (2)

By Ebun-Olu Adegboruwa, SAN Duration and Renewal: If the Proclamation is approved by the National Assembly as required by the Constitution, the Proclamation shall be in force for six months. It is subject to renewal for another six months through a resolution by each House of the National Assembly. That approval has several meanings in…

2027: Reactions as Court, NBA Chief Affirm Jonathan’s eligibility to run for president

By Obinna Uballa Human rights lawyer and former Nigerian Bar Association Vice President, Dr. Monday Onyekachi Ubani, has said there is no constitutional provision barring former President Goodluck Jonathan from contesting the 2027 presidential election. This is as political speculation about Jonathan’s 2027 ambition continues to intensify. Sources close to the former president disclosed that…

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

X whatsapp