Dangote Refinery Defends Petrol Price Hikes Amid Criticism

Dangote Petroleum Refinery has defended its recent increases in petrol prices, attributing them to the costs associated with crude oil procurement, shipping, and delivery. Currently, petrol prices range from N1,310 to N1,400 per litre across Nigeria, with Lagos and Ogun states seeing prices around N1,310, while northern states report prices of N1,350 or higher.

The refinery raised its Premium Motor Spirit (PMS) gantry price by N65 per litre to N1,265, effective August 29, marking the third increase in eight days. This series of adjustments has resulted in a total increase of N100 per litre, approximately 8.6%.

Despite a decline in global crude prices, a senior executive from the refinery explained that the cost of petrol is influenced by the timing of crude purchases and the complexities involved in securing and delivering the crude. The refinery's coastal PMS price also increased from N1,582,380 to N1,669,545 per metric tonne.