Dangote Petroleum Refinery & Petrochemicals has lowered the price of Premium Motor Spirit (PMS), commonly known as petrol, for the second time this month. The ex-depot price has been reduced by N65, dropping from N890 to N825 per litre, following an earlier N60 cut on February 1.
In just 26 days, Dangote has cut the ex-depot price of gasoline from N950 to N825 by a total of N125 per litre since January. Nigerians can now anticipate paying between N860 and N865 per litre for gasoline at filling stations in Lagos.
A statement from the refinery emphasized that the price cut, effective from Thursday, February 27, is aimed at easing the financial burden on Nigerians, especially during the Ramadan season. The company also noted that the reduction aligns with President Bola Ahmed Tinubu’s economic recovery agenda.
The refinery pointed out its consistent efforts to lower fuel prices, having previously reduced the cost of petrol by N70.50 per litre during the December 2024 festive season. These adjustments have helped stabilize the cost of living and ensured that Nigerians did not face the usual fuel scarcity and price spikes during the holiday period.
Dangote Refinery reaffirmed that its high-quality petroleum products remain available nationwide through its key distribution partners, including MRS Holdings, AP (Ardova Petroleum), and Heyden.
Petrol will be sold at the following prices across partner retail stations:
- MRS Holdings: N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East regions.
- AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
The company assured Nigerians of a steady supply of petrol and other refined products, highlighting that it has sufficient reserves to meet local demand and export surplus quantities to enhance Nigeria’s foreign exchange earnings.
In order for Nigerians to fully benefit from the reductions, Dangote Petroleum Refinery encouraged fuel merchants to embrace the initiative by guaranteeing fair pricing. Over 500 million litres of petrol are presently stored at the refinery, which recently provided Saudi Arabia with jet fuel. This is enough to cover Nigeria’s demands for a few days. Additionally, it verified that its 650,000 barrels per day refining capacity surpasses Nigeria’s 385,000 barrels of daily fuel demand.
