Dangote Refinery denies petrol price hike, says ex-depot rate remains unchanged

Dangote Petroleum Refinery and Petrochemicals Limited has rejected claims that it increased the gantry price of petrol, insisting that the ex-depot price of Premium Motor Spirit (PMS) remains the same.

In a statement issued on Wednesday, the refinery said it has not raised its petrol loading price and labeled reports circulating on social media, particularly on X, as false.

The company stated that maintaining its current pricing structure demonstrates its commitment to supporting stability in Nigeria’s domestic energy market and shielding the broader economy from external shocks.

The clarification followed widespread speculation that the refinery had hiked its ex-depot price by N75, from N1,275 to N1,350 per litre.

The rumors emerged amid rising global crude oil prices driven by escalating tensions in the Middle East.

Following the US-Israel attack on Iran on 28 February, which disrupted global crude supply through the Strait of Hormuz, crude prices surged past $100 per barrel.

That disruption has sent shockwaves through the global economy, leading to significant fuel price increases in several countries, including Nigeria.

As global crude prices continue to fluctuate, Dangote Refinery has adjusted its petrol prices multiple times in recent months. Petrol, which sold for around N870 per litre before the Middle East crisis intensified, now sells for N1,370 or more in major Nigerian cities.

Amid renewed speculation of another price increase, the refinery said it continues to absorb prevailing cost pressures in order to moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply.

“Dangote Refinery reaffirmed its dedication to the steady supply of high-quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security,” the statement read.

The company urged the public to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate, up-to-date information on its operations and pricing.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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