Dangote Petroleum Refinery & Petrochemicals has stated that it will make a N65/litre refund to marketers who purchased Premium Motor Spirit (PMS) otherwise known as petrol, at rates higher than the earlier announced prices so Nigerians will benefit from cheaper fuel.
The move follows the refinery’s recent reduction of its ex-depot price from N890 per litre to N825 per litre.
This disclosure is contained in a statement issued by Dangote Refinery where it stated that the refund will be for any of its key partners – AP (Ardova Plc), Heyden, or MRS – throughout Nigeria.
This move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
The refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, before the new rate of N825 per litre.
No Nigerian will pay more than N900/litre
Dangote refinery noted that with the new gantry price of N825 per litre, it expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station.
The statement from Dangote refinery reads, “The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.
“It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain.
“Dangote refinery, in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – Ardova Plc (AP), Heyden, or MRS – anywhere in Nigeria are encouraged to report to Dangote refinery with their receipts for a full refund of the excess amount.
“The approved rates per litre are as follows: MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
“With the new gantry price set at N825 per litre, Dangote Refinery expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station. The refinery also underlined its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health.
“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions.
“In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”
What you should know
Dangote Refinery had a few days ago announced a reduction in the ex-depot price of petrol, from N890 to N825 per litre, effective February 27, 2025.
- This is the second price cut in February as the refinery announced a gantry price reduction of N60 on February 1.
- Dangote 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.
Also, 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.
