Again, Dangote reduces petrol price

The Dangote Refinery on Wednesday announced that it has reduced the price of petrol to retailers from N890 per litre to N825 per litre.

The company, in a statement, said the price adjustment will take effect from 27 February.

Earlier in the month, the company announced a reduction of its selling price of petrol to retailers from N950 per litre to N890 per litre. At the time, the company said the price reduction was a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.

In its statement on Wednesday, the company said the price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season.

“Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on 1 February.

“The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days. This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the statement said.

It added that this strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

“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,” it said.

Additionally, it said in December 2024, during the yuletide period, the refinery reduced the price of petrol 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.

The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy, noting that it helped to ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.

The refinery reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates.

“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 said.

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The refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.

It called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

“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,” the statement said.

According to the statement, Dangote Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia.

“The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria’s average daily requirement of 385,000 barrels.”