Dangote Refinery has said that the recent adjustment in the ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
The management of the refinery said this to newsmen on Sunday that any fluctuation in its international price inevitably impacts the cost of the finished product.
Earlier this week, Dangote implemented a 5% increase in the depot price of petrol, raising it from N899.50 to N950 per litre.
The refinery says that it is important to note that this increase is considerably lower than the 15% rise in global crude oil prices.