Dangote Petroleum Refinery has dismissed reports suggesting an increase in the ex-gantry price of Premium Motor Spirit (PMS).
Recall that there have been media reports suggesting a purported hike in the gantry price from ₦1,200 to ₦1,275 per litre.
However, insider sources at the refinery confirmed on Wednesday that loading operations are continuing at the established rate of ₦1,200 per litre.
The refinery clarified that no official statement has been issued to authorize a price hike, labeling the recent social media speculation as fake news.
While the refinery offers some stability to the domestic market, Managing Director David Bird noted that the facility remains heavily influenced by international economic factors.
Speaking on the broader pricing structure, Bird emphasized that the refinery operates as a commercial entity without government subsidies, leaving it exposed to the same global market forces affecting other international hubs.
“The refinery is fully exposed to global market forces. Our cost inputs from crude oil procurement to freight and insurance are directly impacted by geopolitical tensions, particularly the ongoing instability in the Middle East,” Bird explained.
The Managing Director acknowledged the financial burden on Nigerian consumers, describing the current energy landscape as a central pillar of the nation’s cost-of-living challenges.
He noted that even if global geopolitical conflicts were to resolve immediately, the resulting supply chain disruptions would likely linger for several months.
Looking toward long-term solutions, the refinery leadership urged Nigerian regulatory authorities to evaluate the structural costs of doing business within the country.
Bird suggested that a holistic government review focusing not just on crude prices but on the overarching regulatory and operational pressures—could provide a pathway toward more sustainable domestic pricing.