Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N890 to N825 per litre, effective February 27, 2025.
This is the second price cut this month as the Refinery announced a gantry price reduction of N60 on February 1.
In a statement issued on Wednesday, the refinery described the latest N65 price cut as a strategic move aimed at providing economic relief to Nigerians ahead of the Ramadan season.
According to the refinery, the price adjustment is expected to lower transportation costs and ease the financial burden on households and businesses.
It also noted that the price reduction is a demonstration of support for President Bola Tinubu’s economic reforms.
“This strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace,” the statement noted.
Different pump prices in different states
Meanwhile, the statement noted that pump prices will vary in its partner retail outlets across the country.
- In Lagos, MRS Holdings stations will sell the product at N860 per litre while AP (Ardova Petroleum) and Heyden stations will retail it at N865
- in the South-West, MRS will sell at N870, while AP (Ardova Petroleum) and Heyden stations will sell at N875
- in the North, it will sell at N880 in MRS stations, and N885 at AP (Ardova Petroleum) and Heyden stations
- At MRS stations, it will sell at N890 in the South-South and South-East, while AP (Ardova Petroleum) and Heyden stations will sell at N895 in the same regions.
Dangote Petroleum Refinery assured the public of a steady fuel supply, stating that it has sufficient reserves to meet local demand while also maintaining surplus capacity for exports to boost Nigeria’s foreign exchange earnings.
The company urged petroleum marketers to support the price reduction initiative, emphasizing the importance of ensuring that consumers fully benefit from the adjustment.
“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 establishing the country as a leading oil export hub,” it noted.
What you should know
- Dangote refinery reduced PMS prices during the December 2024 festive period, slashing the cost by N70.50. It also reduced the price by N60 earlier in February.
- Nairametrics reported that the refinery has millions of litres of PMS in stock to meet local demands. Yet, the importation of petrol persists
