Dangote Petroleum Refinery and Petrochemicals Limited has denied reports of an increase in the ex-depot price of Premium Motor Spirit (PMS), insisting that its price remains unchanged.
The refinery made the clarification in a statement issued in response to reports alleging that it had raised its ex-depot price to N1,350 per litre.
The reports had claimed that the new price represented a N75 increase from N1,275 per litre and had already been implemented across loading depots, forcing marketers to adjust pump prices amid tight supply conditions and rising costs.
However, the company dismissed the claims, stating that it has maintained its current pricing structure.
According to the refinery, “by sustaining its current prices, it is reaffirming its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
It added that absorbing prevailing cost pressures would help moderate inflation, improve affordability, and ensure uninterrupted supply despite global market uncertainties.
Dangote Refinery further reiterated its commitment to the steady supply of high-quality petroleum products, in line with national objectives of price stability and energy security.
“The public is urged to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up-to-date information on its operations and pricing,” the statement added.
Background
Nigeria’s downstream petroleum sector has experienced persistent price volatility since the removal of fuel subsidy in 2023, with pump prices now largely influenced by global crude oil prices, exchange rate fluctuations, and distribution costs.
The entry of Dangote Refinery into the domestic market has been widely seen as a potential stabilising force, expected to reduce reliance on fuel imports and ease foreign exchange pressures.
However, pricing dynamics remain fluid, as marketers often adjust retail prices in response to changes in depot rates and supply conditions.
Nigerian National Petroleum Company Limited, which remains a dominant player in fuel supply and distribution, continues to influence market trends through its pricing and import decisions.
In recent months, both independent marketers and major distributors have faced challenges related to supply gaps, logistics costs, and currency instability, contributing to frequent price adjustments across the country.
Analysts say the interplay between Dangote Refinery’s output and NNPC’s supply strategy will be critical in determining the direction of fuel prices in the coming months.
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