The Dangote Petroleum Refinery & Petrochemicals has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, for the second time this month. The new ex-depot price has been cut by N65 from the previous N890, bringing it down to N825 per litre. This follows an earlier N60 reduction on February 1.
Since January, Dangote has slashed the ex-depot price of petrol by a total of N125 per litre, reducing it from N950 to N825 within just 26 days. As a result, Nigerians can now expect to buy petrol at filling stations in Lagos for about N860–N865 per litre.
A statement from the refinery emphasized that the price cut, effective from Thursday, February 27, is aimed at easing the financial burden on Nigerians, especially during the Ramadan season. The company also noted that the reduction aligns with President Bola Ahmed Tinubu’s economic recovery agenda.
The refinery pointed out its consistent efforts to lower fuel prices, having previously reduced the cost of petrol by N70.50 per litre during the December 2024 festive season. These adjustments have helped stabilize the cost of living and ensured that Nigerians did not face the usual fuel scarcity and price spikes during the holiday period.
Dangote Refinery reaffirmed that its high-quality petroleum products remain available nationwide through its key distribution partners, including MRS Holdings, AP (Ardova Petroleum), and Heyden.
Petrol will be sold at the following prices across partner retail stations:
- MRS Holdings: N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East regions.
- AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
The company assured Nigerians of a steady supply of petrol and other refined products, highlighting that it has sufficient reserves to meet local demand and export surplus quantities to enhance Nigeria’s foreign exchange earnings.
Dangote Petroleum Refinery urged fuel marketers to support the initiative by ensuring fair pricing so that Nigerians benefit fully from the reductions. The refinery, which recently supplied jet fuel to Saudi Arabia, currently holds over 500 million litres of petrol in storage—enough to meet Nigeria’s needs for several days. It also confirmed that its 650,000-barrel-per-day refining capacity exceeds Nigeria’s daily petrol consumption of 385,000 barrels.
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