Dangote Petroleum Refinery and Petrochemicals Limited has debunked rumours of a hike in the price of Premium Motor Spirit (PMS), also known as petrol, saying its ex-depot price remains the same.
The company made the clarification in a statement released on Wednesday, May 6, signed by the management.
Rumours on social media claimed the price was increased to ₦1,350. However, the refinery maintains that its ex-depot price remains unchanged at ₦1,275 per litre.
The refinery stated that maintaining the current prices reaffirms its commitment to supporting stability in the domestic energy market and cushioning the wider economy from external shocks, despite rising global crude oil prices and operational pressures.
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” part of the statement reads.
The refinery reaffirmed its dedication to the steady supply of high-quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.
Dangote Refinery urged the public to rely on official statements from the company for accurate information on its operations and fuel pricing.
The conflicting reports come against the backdrop of volatile global energy markets. Since late February, crude oil prices have risen sharply due to tensions in the Middle East, crossing above $100 per barrel. This has forced the refinery to adjust its fuel prices a couple of times in the last two months.
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After rising to almost $120 per barrel as efforts to resume peace talks over the Iran war stalled and the Strait of Hormuz remained virtually blocked, oil prices have dropped. As of Wednesday, May 6, Brent Crude sold for $102.2 per barrel, while West Texas Intermediate (WTI) traded at $96.07.
The oil price drop follows reports that the United States and Iran are moving towards reaching an agreement to end their hostilities.
There are concerns that despite the sharp fall in crude oil prices in the international market, Dangote Refinery still maintains its ex-depot price at ₦1,275 per litre.
Pump prices currently range from N1,300 to N1,450, depending on the location.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X