Dangote Petroleum Refinery has disclosed that it has raised the price of Premium Motor Spirit (PMS), commonly known as petrol, leading MRS Oil Nigeria Plc outlets to now charge N839 per litre nationwide.
This increase comes after the expiration of a special price support intervention that was introduced to assist Nigerians during the recent holiday season characterized by increased consumer spending.
During this period, Dangote Refinery mentioned that it incurred substantial costs to benefit the public, including a price cut aimed at fostering affordability and stabilizing the market.
With the new pricing structure, the PMS gantry price has been readjusted from N699 to N799 per litre, a move deemed essential by the company to ensure long- term sustainability and market stability within the downstream petroleum sector.
Although there was an initial price reduction, the Refinery pointed out that numerous filling stations did not implement the lower price at the fuel pumps, which hindered consumers from fully benefitting from the intervention.
David Bird, the CEO of Dangote Petroleum Refinery, stated that the refinery consistently supplies approximately 50 million litres of PMS daily, emphasizing that domestic evacuation and distribution processes remain efficient.
He also reassured that the refinery's operational adaptability enables it to handle various types of crude and intermediate feedstocks, thus ensuring a stable supply of PMS during scheduled maintenance periods.
As a domestic player, Dangote Refinery reiterated its dedication to protecting Nigeria from the volatility associated with imports and external supply interruptions, while also serving as a stabilizing factor in the downstream petroleum industry.
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