The recent increase in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by Dangote Refinery has sparked widespread outrage across the country. The refinery raised the price from N899 to N955 per liter, citing rising global crude oil prices as the primary factor. However, this move has drawn criticism from consumers and industry experts alike, who argue that the increase will inevitably lead to higher pump prices and further burden Nigerians already grappling with economic hardship.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that Dangote Refinery, in a statement issued on Sunday, explained that the five percent increase in the ex-depot price was necessary to reflect the significant rise in global crude oil prices. The company emphasized that it had absorbed a portion of the increased costs, stating that the retail price of petrol at its partner outlets, including Ardova and MRS Holdings, would be set at N970 per liter nationwide.
According to Naija247news, the refinery maintained that the increase was unavoidable due to the global market dynamics impacting the cost of crude oil, a key input in petrol production. The company also highlighted its commitment to ensuring the availability of quality fuel at competitive prices while navigating the challenges posed by fluctuating global oil prices.
Naija247news understands that the petrol price hike has ignited concerns about its potential impact on inflation and the overall cost of living. Critics argue that the increase will inevitably translate into higher transportation costs, affecting the prices of essential goods and services across the country.
Naija247news reports that the Nigerian government has yet to issue a formal statement on the petrol price increase. However, the development is expected to intensify calls for greater transparency and accountability in the petroleum sector, with many advocating for measures to protect consumers from the impact of fluctuating global oil prices.
