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Dangote Refinery denies report on fuel price hike
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Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.
The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.
This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.
The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.
“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.
In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.
“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.
To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.
“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.
Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.
“We Prioritise Nigerians”
The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.
The Accord Party has defeated the All Progressives Congress (APC) at the polling unit of former Osun Deputy Governor and ex-APC National Secretary, Senator Iyiola Omisore, in the ongoing Osun State governorship election.
According to results uploaded to the Independent National Electoral Commission (INEC) Result Viewing Portal (IReV), Accord secured 131 votes at Polling Unit 003, Ife Ward 1 (Moore), St. Gabriel Primary School, in Ife East Local Government Area.
The APC polled 85 votes to finish second, while the African Democratic Congress (ADC) recorded 10 votes. Other political parties obtained marginal votes at the polling unit.
The result adds to a series of early victories recorded by the Accord Party as INEC continues the uploading and collation of results across the state.
Earlier, Accord also won at the polling unit of former Osun Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area.
The result sheet uploaded on the IReV portal showed Accord polling 125 votes, ahead of the APC, which recorded 85 votes. The ADC secured five votes.
Meanwhile, INEC has continued to upload results from polling units across Osun State as the governorship election moves into the collation stage.
Voters across the state’s 30 local government areas cast their ballots on Saturday to elect a governor for the next four years.
The major contenders in the election include the incumbent Governor Ademola Adeleke of the Accord Party, APC candidate Bola Oyebamiji, and African Democratic Congress (ADC) candidate Najeem Salaam.
The Accord Party has won the governorship election at the polling unit of former Osun State Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area of the state.
According to the result sheet uploaded to the Independent National Electoral Commission’s (INEC) IReV portal, Accord polled 125 votes to emerge victorious at the polling unit.
The All Progressives Congress (APC) came second with 85 votes, while the African Democratic Congress (ADC) secured five votes.
The African Action Congress (AAC) scored two votes, while the Social Democratic Party (SDP), Young Progressive Party (YPP) and Zenith Labour Party (ZLP) each recorded one vote.
Other parties, including the AA, ADP, APGA, APM, APP, BP, NNPP and PRP, recorded no votes.
The result sheet showed that 228 voters were accredited, with 220 valid votes cast and eight rejected ballots.
The election was conducted at Court Hall I, Okuku, in Odo-Otin Local Government Area.
The result comes against the backdrop of Oyinlola’s reported endorsement of the APC governorship candidate, Bola Oyebamiji, ahead of the election.
Oyinlola, who governed Osun State from 2003 to 2010, had publicly backed Oyebamiji despite the APC candidate running against incumbent Governor Ademola Adeleke.
The outcome at Oyinlola’s polling unit therefore puts the Accord Party ahead of the APC, with Adeleke’s party failing to secure the unit despite the incumbent governor’s participation in the election.
Voting was disrupted in Ejigbo, Osun State, after violence broke out at a polling unit during the ongoing Osun State Governorship election.
It was gathered that voters, residents and officials of the Independent National Electoral Commission (INEC) fled the polling unit as tension escalated around the area.
According to Channels TV, people were seen running in different directions while motorcycles and vehicles moved through the area as residents attempted to escape the unfolding situation.
The immediate cause of the violence was not clear, as the chaos temporarily halted the ongoing electoral process.
The incident comes as voters come out in their numbers to partake in governorship election amid tight security.
Osun Election: Accord Defeats APC in Omisore’s Polling Unit
Osun election: Oyinlola Loses Polling Unit to Accord Party
Osun election: INEC officials take to their heels as violence erupts in Ejigbo
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