For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N890 to N825 per litre. This latest N65 per litre reduction follows a previous N60 cut on February 1, bringing the total reduction to N125 per litre within 26 days.
Price Cuts Aim to Ease Financial Burden on Nigerians
In a statement, Dangote Refinery, Africa’s first privately owned petroleum processing plant, confirmed that the new pricing takes effect from Thursday, February 27, 2025. The move is aimed at providing economic relief to Nigerians, particularly ahead of the Ramadan season.
"This strategic price adjustment is intended to ease the financial burden on Nigerians while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives," the refinery stated.
Impact on Fuel Pump Prices
With the latest price cut, Nigerians are expected to pay between N860 and N865 per litre for petrol in Lagos, with slight variations across regions.
New Petrol Prices at Key Distribution Stations:
✅ 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 Ensures Steady Supply
The refinery reassured Nigerians that it has sufficient fuel reserves, with over 500 million litres of petrol in storage, enough to meet domestic demand for several days.
Additionally, its 650,000 barrels-per-day refining capacity significantly exceeds Nigeria’s daily petrol consumption of 385,000 barrels, ensuring a stable supply and preventing scarcity.
Export Growth & Economic Contributions
Beyond local supply, Dangote Refinery continues to strengthen Nigeria’s presence in the global petroleum market, exporting refined products to Europe, America, Asia, and the Middle East. Recently, the refinery supplied jet fuel to Saudi Arabia, further showcasing its global competitiveness.
Call for Marketers to Support Price Reductions
Dangote Refinery urged petroleum marketers to align with its price reduction strategy, ensuring that consumers fully benefit from the initiative.
"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 emphasized.
With its consistent price reductions, Dangote Refinery is reinforcing its role in stabilizing fuel prices and reducing Nigeria’s reliance on imported refined petroleum products.
