The Dangote Petroleum Refinery & Petrochemicals Company has denied culpability in the recent hike in the pump prices of premium motor spirit also known as petrol, in Nigeria.

The clarification was contained in a statement in Lagos, on Sunday, under the signature of Dangote’s Group Chief Branding and Communications Director, Tony Chiejine.

The statement reads, “We wish to clarify that the recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices. As crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.

“At Dangote Petroleum Refinery, we recognise the critical importance of affordable fuel for all Nigerians, and we remain committed to offering the best value with guaranteed quality to our customers. While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices, which has seen Brent Crude rise from $70 to $82 in a matter of days, in addition to the premium for Nigerian crude (approximately $3 per barrel) in international markets. Furthermore, Dangote Refinery has maintained the Single-Point Mooring (SPM) ex-vessel price at N895 per litre.

“All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide. We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).

“Dangote Refinery has absorbed approximately 50% of the cost increases in the international oil market. This is due to our unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to our mission. If Dangote Refinery were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations, compared to the current price of N970 per litre.

“We are committed to providing reliable, top-quality petrol to the Nigerian people at competitive prices. In these challenging times, we continue to prioritise the best interests of Nigerians, striving to shield consumers from the full impact of global price volatility while adapting to evolving market conditions.

“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations.

“In the interest of transparency and good governance, Dangote Refinery will commence publishing its ex-depot price, ex-vessel price as well as pump price on a weekly basis so that consumers are not exploited.

“We would like to express our gratitude to President Bola Ahmed Tinubu for the introduction of the visionary Naira for Crude Initiative. This groundbreaking initiative has enabled consistent access to high-quality PMS for all Nigerians, while also insulating the Nigerian consumers from the volatility of the global oil market.”

Bitcoin surged to an unprecedented high above $109,000 on Monday, reflecting market optimism as Donald Trump, a vocal cryptocurrency supporter, prepares to be sworn in as the 47th president of the United States.

The cryptocurrency hit a record $109,241 before slightly retreating to $107,765 around 07:40 GMT.

This milestone follows a dramatic rise in Bitcoin’s value since Trump’s election victory in November.

READ ALSO: UK Defers To Trump On Chagos Island’s Sovereignty

The cryptocurrency broke the $100,000 barrier for the first time in December, spurred by Trump’s pro-crypto rhetoric and his nomination of Paul Atkins, a known cryptocurrency advocate, to lead the U.S. Securities and Exchange Commission (SEC).

Although Trump once dismissed cryptocurrencies as a “scam,” his views have shifted. During his campaign, he emerged as a staunch advocate for digital currencies, signaling plans to deregulate the sector.

Over the weekend, Trump launched his own cryptocurrency, $TRUMP, which quickly garnered a multibillion-dollar market capitalization.

Celebrating Bitcoin’s rise, Trump took to his Truth Social platform, exclaiming:
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”

Bitcoin’s rise has reignited debates over its role in the global financial system.

Originally introduced in 2008 by the pseudonymous Satoshi Nakamoto, Bitcoin was envisioned as a decentralized currency free from traditional banking systems.

However, critics highlight its use in illicit activities, such as money laundering and ransomware attacks, as well as its significant environmental impact due to the high energy demands of cryptocurrency mining.

Cryptocurrencies have seen both triumph and turmoil over the years, with the collapse of major players like FTX casting a shadow on the industry.

Trump’s presidency is expected to shape the future of digital assets, with potential deregulation presenting both opportunities and risks for the volatile market.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged members of the public to discountenance purported recruitment announcement for the Port Harcourt Refining Company (PHRC) circulating in certain online platforms.

This was contained in a statement on its verified handle on micro-blogging site, X, on Saturday under the signature of its Chief Corporate Communications Officer, Olufemi O. Soneye.

ALSO READ: ‘It’s A Waste Of Time’: Residents Boycott Ondo LG Polls

According to the Company there is no separate recruitment process for the Port Harcourt Refinery other than the one which started last year, which also includes all NNPC Ltd.’s businesses, with successful candidates at the Computer-Based Aptitude Test proceeding for the interview stage this week.

“The purported recruitment link being circulated in various online platforms is the handiwork of fraudsters who are keen on taking advantage of the newly revamped Port Harcourt Refinery to fleece unsuspecting members of the public with a phantom recruitment announcement. We, therefore, call on members of the public to be wary of the ploy and not fall for it”, the Company stated.