In a significant move to alleviate fuel costs for Nigerians, Dangote Petroleum Refinery & Petrochemicals has announced it will absorb a ₦16 billion loss by refunding ₦65 per litre to marketers. This initiative aims to ensure that recent price reductions are effectively passed on to consumers nationwide.
Key Details:
Price Reduction: The refinery has reduced its Premium Motor Spirit (PMS) gantry price from ₦890 per litre to ₦825 per litre, effective February 27, 2025.
Marketer Refunds: To facilitate this price drop, Dangote Refinery is refunding ₦65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the previous higher price, totaling a ₦16 billion loss absorbed by the company.
Consumer Protection: The refinery has condemned any attempts at excessive profiteering, emphasizing that selling fuel at inflated prices undermines efforts to make fuel affordable. Consumers who purchase fuel above the advertised rates from key partners—AP (Ardova Plc), Heyden, or MRS—are encouraged to report with their receipts for a full refund of the excess amount.
Regional Pricing Structure:
Lagos: ₦860 per litre
South-West: ₦870 per litre
North: ₦880 per litre
South-South and South-East: ₦890 per litre
With the new gantry price set at ₦825 per litre, Dangote Refinery expects that no Nigerian should pay more than ₦900 per litre for PMS, regardless of location or petrol station.
This proactive approach by Dangote Refinery underscores its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health, aligning with President Bola Tinubu's Renewed Hope Agenda.