Dangote Refinery has announced a 5% adjustment to the ex-depot price of Premium Motor Spirit (PMS).

This was disclosed in a statement on Sunday, January 19.

The statement disclosed an upward adjustment from N899.50 to N950 per liter. This will see an increment in the price of fuel at the pump to 970 per litre nationwide.

In the statement, Dangote Refinery also clarified that the petrol price increase was not its fault but was a result of a sharp rise in Brent Crude prices, the benchmark for Nigerian crude oil, which climbed from $70 to $82 per barrel within days.

It explained that Nigerian crude, typically attracting a premium of around $3 per barrel, further adds to its production costs.

Part of the statement reads: "We wish to clarify that 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 remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product"

"At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers.

"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)."