In a significant move to benefit consumers, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of premium motor spirit (petrol) for the second time in February. The new price has been lowered from N890 to N825 per litre, reflecting a decrease of N65 per litre. This announcement follows an earlier price cut of N60 per litre that took effect on February 1.
Dangote refinery’s current pricing reveals that the ex-depot price has decreased from N950 per litre in January to N825 per litre, resulting in a total reduction of N125 per litre over the course of 26 days. As a result, Nigerians can expect to purchase petrol at pump prices ranging from N860 to N865 per litre in Lagos, according to the company’s statement.
The Dangote Petroleum Refinery, notable for being Africa’s first privately owned petroleum processing facility, has implemented this price adjustment effective Thursday, February 27. The decision aims to alleviate financial burdens for consumers, especially with the Ramadan season approaching, and aligns with President Bola Ahmed Tinubu’s economic recovery efforts.
The refinery has a track record of consistently lowering petrol prices to benefit the Nigerian public. Prior to this month’s reductions, the refinery had also cut the price of PMS by N70.50 in December 2024 during the festive season, moving from N970 to N899 per litre. Such reductions have positively impacted various economic sectors, helping to stabilize fuel supply and mitigate the price surges often experienced during peak seasons.
Dangote Petroleum Refinery assures consumers of an ample supply of high-quality fuel, which will remain available nationwide through key distribution partners, including MRS Holdings, AP (Ardova Petroleum), and Heyden, at competitive prices.
See also: Dangote Refinery $20bn Refinery and Its Capacity
For reference, the prices at MRS Holdings stations are listed as follows:
– Lagos: N860 per litre
– South-West: N870 per litre
– North: N880 per litre
– South-South/South-East: N890 per litre
While at AP (Ardova Petroleum) and Heyden stations, the prices are:
– Lagos: N865 per litre
– South-West: N875 per litre
– North: N885 per litre
– South-South/South-East: N895 per litre
The refinery has stated that it holds over 500 million litres of petrol in storage, sufficient to meet Nigeria’s fuel demand for several days. It operates at a refining capacity of 650,000 barrels per day, surpassing the national average daily petrol consumption of 385,000 barrels. Additionally, the company encourages petroleum marketers to back its price reduction initiatives, ensuring that the benefits extend fully to the public.
This strategic decision aligns with the vision of making Nigeria self-sufficient in refined petroleum products and enhancing its position in the global oil market. Furthermore, Dangote Petroleum Refinery has recently expanded its operations by exporting refined products to international markets, including Europe, America, Asia, and even supplying jet fuel to Saudi Arabia.
