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Dangote Refinery denies report on fuel price hike
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.
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Watch current episode of Your family Lawyer as Chinye breaks down intricacies of bloodlines, DNA tests
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Protests erupted in Jos, the Plateau State capital, on Monday morning over the continued killings of indigenous residents by gunmen suspected to be Fulani militants.
The demonstrations, led by Christian leaders including the state chairman of the Christian Association of Nigeria, Rev. Polycarp Lubo, commenced on Monday morning at the Fawvwei Junction community road, causing a heavy gridlock and stranding commuters.
The latest protest comes amid a surge in violent attacks by gunmen in various communities, with over 100 people killed in Bokkos and Bassa LGAS in the past two weeks.
“We are not happy over the continuous attacks and killings by gunmen in our communities. That’s why we have come out again to protest these happenings,” said Gyang Dalyop, one of the protesters.
Another protester, Hannatu Philip, called on the government to intervene before it spirals out of control.
The protesters brandishing placards with different inscriptions were seen marching towards the Rayfield Government House.
The Presidency has said the former Labour Party, LP, presidential running mate, Yusuf Datti Baba-Ahmed is no match for President Bola Tinubu.
Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare was reacting to Datti’s remark that he (Tinubu) would not run for the presidency in 2027.
The former LP running mate insisted that Tinubu’s time is up, adding that everything is there for the president and the ruling All Progressives Party, APC, to see that they lose in 2027.
Dismissing such remark, Dare likened Datti’s comment to the new year predictions of charlatan ‘prophets’ which never come through.
In a statement he signed, Dare said the likes of Peter Obi and Datti would have been president left for the latter’s theories.
According to Dare, Datti has chosen to venture into an unfamiliar terrain.
The statement reads partly: “Yusuf Datti Baba-Ahmed’s “illogical logic” was all over the place in his recent interview with a television channel.
“Listening to Yusuf Datti Baba- Ahmed spurn his postulations about the political future of Nigeria and that of the incumbent President is like listening to the new year predictions of charlatan ‘prophets’ which never come through. Yusuf Baba Ahmed and his co-traveller Peter Obi are indeed a “double whammy“ in the Nigerian political space.
“He chose to base his political calculations on President Bola Tinubu not winning a second term given his antecedents and because Nigerians will decide at the polls among other things. He conveniently avoided the substance of performance and capacity.
“Unfortunately, he chose to walk into a lane he was unfamiliar with and chose to confront a politician he is no match for.”
Similarly, the Presidency had also stressed that Tinubu will reveal his plans for a second term at the right time.
It said the APC 2027 presidential campaign billboards had no links to Tinubu and Vice President Kashim Shettima.
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