Dangote Petroleum Refinery has announced an upward adjustment in the price of Premium Motor Spirit (PMS) otherwise known as petrol with MRS Oil Nigeria Plc retail outlets now selling petrol at N839 per litre nationwide.
The adjustment follows the conclusion of a temporary festive price support intervention introduced by the Refinery to cushion Nigerians during the recent holiday period marked by heightened household spending.
During that period, Dangote Refinery said it absorbed significant costs in the national interest, including a price reduction aimed at promoting affordability and market stability.
The NewsMatrics reports that the price slash was mainly to undercut petrol importers and depot owners with which Dangote had had a running battle citing lack of patronage.
The price war had resulted in losses of N91 billion per month for Dangote and iver N100 billion for dept owners.
Under the new pricing arrangement, the PMS gantry price has been raised to N799 per litre from N699 a move the company described as necessary to support long-term sustainability, affordability, and stability in the downstream petroleum market.
Despite the earlier reduction, the Refinery claimed that many filling stations failed to reflect the lower price at the pump, denying consumers the full benefits of the intervention.
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the facility continues to supply the domestic market with about 50 million litres of PMS daily, adding that nationwide evacuation and distribution remain seamless.
He also assured that the Refinery’s operational flexibility allows it to process a wide range of crude and intermediate feedstock, ensuring uninterrupted PMS supply even during planned maintenance activities.
As a domestic producer, Dangote Refinery reiterated its commitment to shielding Nigeria from import-related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector.
