Dangote Refinery has explained that the recent increase in its ex-depot price of Premium Motor Spirit (Petrol) is due to the sharp rise in global crude oil prices.
In a statement issued on Sunday, the refinery emphasized that fluctuations in international crude prices directly affect the cost of the refined product.
Earlier this week, Dangote raised the depot price of petrol by 5%, from N899.50 to N950 per litre. However, the refinery clarified that this adjustment is significantly lower than the 15% surge in global crude oil prices.
Over the past few days, Brent Crude prices have climbed from $70 to $82 per barrel, alongside an additional premium of approximately $3 per barrel for Nigerian crude in global markets.
Despite the hike, Dangote Refinery has kept the Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre.
Its distribution partners, including Ardova, Heyden, and MRS Holdings, will continue to sell petrol nationwide at N970 per litre.
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