For the second time this month, Dangote Petroleum Refinery & Petrochemicals has lowered the price of fuel, also known as Premium Motor Spirit (PMS). The former price of N890 per litre has been reduced by N65, making it N825 at the gantry (ex-depot).
This comes after a cut of N60 on February 1. As a result, the ex-depot price dropped by N125 per litre in just 26 days, from N950 per litre in January to the current price of N825 per litre. Nigerians would pay between N860 and N865 per litre for petrol at the pump in Lagos thanks to the recent price decrease.
According to a statement from the company available to BrandSpur Nigeria news today, Africa’s first privately run petroleum refinery, the price change will go into effect today, Thursday, February 27, and is meant to give Nigerians much-needed respite.
“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace. The company said: “It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season,” it added.
The refinery made it clear that earlier cuts have improved living expenses generally, which has benefited several economic sectors. Additionally, they made sure that Nigerians were spared the usual yuletide-season price increases and fuel shortages.
According to Dangote, its premium goods, which are now well-liked in both local and foreign markets, will continue to be offered at competitive prices across the country, especially through its primary partners, Heyden, MRS Holdings, and AP (Ardova Petroleum).
Continuing, the company had this to say: “Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East,” it added.
The Dangote Petroleum Refinery increased the nation’s foreign exchange revenues by promising the public a steady supply of petroleum products, with enough reserves to cover local demand and a surplus for export. To guarantee that Nigerians continue to be the principal beneficiaries of this endeavour, the refinery urged marketers to support it.
However, it went on to reveal: “This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.”
Saudi Arabia recently received jet fuel from Dangote Petroleum Refinery, which exports its goods to Europe, America, Asia, and other countries.
According to the refinery, it has more than 500 million litres of petrol in stock, which is sufficient to cover Nigeria’s fuel needs for a few days. Furthermore, Nigeria’s average daily requirement of 385,000 barrels has been exceeded by the refinery’s 650,000 barrels per day capability.
