LIVE UPDATES
Dangote Petroleum Refinery & Petrochemicals has reduced the price of Premium Motor Spirit (PMS), or petrol, for the second time this month.
The price has been decreased by N65 from the previous rate of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1.
The ex-depot price has thus fallen from N950 per litre in January to the current price of N825 per litre, marking a total decrease of N125 per litre within 26 days.
This latest price cut will also allow Nigerians to pay between N860 and N865 per litre for petrol at the pump in Lagos.
A statement from Africa's first privately owned petroleum refinery noted that this price adjustment would take effect on Thursday, February 27, aiming to provide essential relief to Nigerians.
“This strategic price adjustment is intended to offer vital relief to Nigerians in honor of the Ramadan season, while supporting President Bola Ahmed Tinubu’s economic recovery policy by easing the financial burden on the Nigerian populace.
It is important to highlight that Dangote Petroleum Refinery has consistently reduced the prices of petrol and other refined petroleum products for the benefit of Nigerians. This marks the second price reduction of PMS in February 2025, following a prior decrease of N60 earlier in the month. Furthermore, in December 2024, during the holiday season, the refinery reduced the PMS price by N70.50, from N970 to N899.50 per litre, as part of its commitment to lowering the cost of living and providing relief during the festive season,” the statement indicated.
The refinery pointed out that earlier reductions had positively influenced the overall cost of living and benefitted various sectors of the economy.
They also played a role in ensuring that Nigerians did not suffer the usual fuel shortages and price surges commonly experienced during the festive period. Dangote emphasized that its high-quality products, which have gained popularity in both domestic and international markets, will continue to be widely available, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at competitive rates.
“Nigerians will be able to buy high-quality Dangote petrol at these prices through our partners’ retail outlets: For MRS Holdings stations, it will cost 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 be sold 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.
Dangote Petroleum Refinery assured the public of a reliable supply of petroleum products, with ample reserves to satisfy domestic demand and a surplus for export, thereby enhancing the country’s foreign exchange earnings. The refinery urged marketers to back the initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
“This collaborative action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the nation as a leading oil export hub,” it concluded.
Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other areas, has recently supplied jet fuel to Saudi Arabia. The refinery confirmed it possesses over 500 million litres of petrol in storage, sufficient to meet Nigeria’s petrol needs for several days. Moreover, the refining capacity of the 650,000 barrel per day refinery has exceeded Nigeria’s average daily demand of 385,000 barrels.
