In a major move that will bring relief to millions of Nigerians, Dangote Petroleum Refinery & Petrochemicals has announced yet another reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The refinery has slashed N65 off the previous price of N890 per litre, bringing it down to N825 per litre at the gantry (ex-depot). This marks the second price reduction in February alone, following a N60 cut earlier in the month.
The latest price slash means that in just 26 days, Dangote Refinery has reduced the ex-depot price of petrol from N950 per litre in January to N825 per litre—a total reduction of N125. This move is expected to ease the financial strain on Nigerians, with pump prices in Lagos now projected to range between N860 and N865 per litre.
In a statement released by the refinery, the price adjustment is set to take effect from Thursday, February 27, and is aimed at providing much-needed relief, especially in light of the Ramadan season.
“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace,” the statement read.
This latest reduction reinforces Dangote Refinery’s commitment to stabilizing fuel prices and ensuring affordability for consumers. The refinery previously cut prices during the December 2024 yuletide period, when it reduced PMS prices by N70.50 per litre to help ease the cost of living during the holidays.
The refinery emphasized that its continued price reductions have positively impacted multiple sectors of the economy, preventing fuel scarcity and price surges that often accompany festive periods.
Where to Buy Dangote Petrol at the New Prices
Dangote Refinery assured Nigerians that its high-quality petrol remains available across the country at market-friendly rates. Through its key partners – MRS Holdings, AP (Ardova Petroleum), and Heyden – the product will be sold at the following prices:
- MRS Holdings stations: 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.
- AP (Ardova Petroleum) & 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.
Dangote Petroleum Refinery has assured consumers of a steady supply of petroleum products, stating that it currently holds over 500 million litres of petrol in storage—enough to meet national demand for several days. With a refining capacity of 650,000 barrels per day, which surpasses Nigeria’s daily requirement of 385,000 barrels, the refinery is positioned to not only meet domestic needs but also boost the country’s foreign exchange earnings through exports.
The refinery called on marketers to support this initiative, ensuring that Nigerians benefit fully from these price reductions.
“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 concluded.
Dangote Petroleum Refinery has already begun exporting its high-quality products to Europe, America, and Asia, with its recent supply of jet fuel to Saudi Arabia signaling its growing global footprint.
With fuel prices on a downward trend, Nigerians can only hope that this marks the beginning of sustained affordability in the energy sector.
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