This latest price cut of N65 per litre follows a previous reduction of N60 per litre on February 1, marking the second downward adjustment in the month.
By Deborah Hassan
365Daily – Dangote Petroleum Refinery has once again reduced the ex-depot price of fuel, also known as premium motor spirit (PMS), from N890 to N825 per litre.
This latest price cut of N65 per litre follows a previous reduction of N60 per litre on February 1, marking the second downward adjustment in the month.
According to a statement from the refinery, which has a processing capacity of 650,000 barrels per day, the ex-depot price has now dropped from N950 per litre in January to N825 per litre—an overall reduction of N125 per litre in just 26 days.
“This recent price reduction will ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the company stated.
The refinery, Africa’s first privately owned petroleum processing plant, announced that the new pricing would take effect from Thursday, February 27. The move aims to provide economic relief to Nigerians, especially in anticipation of the Ramadan season.
“This strategic price adjustment is intended to ease the financial burden on Nigerians, particularly in anticipation of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives,” the statement read.
The company emphasised its commitment to reducing the cost of refined products to benefit Nigerians. This latest cut follows similar reductions, including a N70.50 per litre decrease in December 2024, when the refinery lowered petrol prices from N970 to N899.50 per litre to mitigate the impact of rising living costs during the festive season.
The refinery highlighted that past price cuts have positively influenced various economic sectors, ensuring a stable fuel supply and preventing the usual scarcity and price surges during peak seasons.
To ensure widespread availability, Dangote Petroleum Refinery is working with key distribution partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—to supply fuel at competitive prices across the country.
Latest Petrol Prices Across Regions
MRS Holdings stations:
Lagos: N860 per litre
South-West: N870 per litre
North: N880 per litre
South-South/South-East: N890 per litre
AP (Ardova Petroleum) & Heyden stations:
Lagos: N865 per litre
South-West: N875 per litre
North: N885 per litre
South-South/South-East: N895 per litre
Dangote Refinery reassured Nigerians of a steady supply of petroleum products, stating that it has sufficient reserves to meet local demand while also producing surplus for export, contributing to Nigeria’s foreign exchange earnings.
The company urged petroleum marketers to align with its price reduction initiative to ensure Nigerians fully benefit from lower fuel costs.
“This move aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a key player in the global oil market,” the refinery stated.
As part of its expansion into international markets, Dangote Refinery recently supplied jet fuel to Saudi Arabia. It also confirmed that it currently holds over 500 million litres of petrol in storage—enough to meet Nigeria’s fuel demand for several days.
With a refining capacity of 650,000 barrels per day, the refinery far exceeds the nation’s average daily petrol consumption of 385,000 barrels.