Dangote Refinery and Petrochemicals has refuted reports of increasing price of Premium Motor Spirit (PMS), popularly known as petrol, from N1,200 to N1,275 per litre.
The refinery recently reduced the ex-gantry price of petrol from N1,275 to N1,200 per litre.
The reduction in late March came after a series of price increases. The refinery had earlier raised the price from N1,175 per litre on March 13 to N1,245 on March 20 and later to N1,275 on March 21.
However, speaking in a telephone conversation with Tribune Online, an insider source confirmed that the report of petrol price hike at Dangote Refinery is fake news.
According to the source, the refinery did not release any official statement announcing a price hike of N75, adding that the ex-gantry price remains N1,200 per litre.
“Loading to continue at old price,” the source said.
Meanwhile, the refinery had earlier explained why petrol prices in Nigeria remain high despite the country’s domestic refining capacity.
According to the Managing Director, David Bird, while speaking on Arise Television recently, the expected relief for consumers has been limited by global market forces, including tensions in the Middle East, one of the world’s major crude oil hubs.
Bird said, “On fuel pricing, the refinery is fully exposed to global market forces and operates without subsidies, making it vulnerable to fluctuations driven by geopolitical tensions. We try and maintain some stability within a commercially acceptable range, but all our cost inputs—from crude to freight and insurance are impacted.”
The Managing Director acknowledged the burden on consumers, describing the current situation as part of a broader cost-of-living crisis. “This is a cost-of-living crisis; every facet of the modern economy is impacted by energy,” he said. He added that even if global conflicts ended immediately, supply chain disruptions would continue for months.
Looking ahead, Bird urged Nigerian authorities to rethink cost structures and regulatory pressures affecting the industry. “I think there’s an opportunity for the government to take an all-encompassing view, not just crude price, but the cost of doing business in Nigeria,” he said.