Nigerians will now pay less for petrol as Dangote Petroleum Refinery & Petrochemicals has announced another price reduction. The refinery has cut the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N890 to N825 per litre, a reduction of N65. This marks the second price cut in February, following an earlier N60 reduction at the start of the month.
With this latest adjustment, petrol prices at filling stations in Lagos are expected to range between N860 and N865 per litre, depending on the retailer.
A statement from Dangote Refinery explained that the price reduction aims to provide relief to Nigerians, especially during the Ramadan season. “This strategic price adjustment is designed to provide essential relief to Nigerians while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the populace,” the statement read.
The refinery also highlighted that this is part of its ongoing commitment to making fuel more affordable. “This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.”
The company emphasized that its continuous price reductions have helped stabilize the fuel market, preventing the shortages and price hikes that usually occur during festive periods.
Fuel Prices Across Nigeria
Dangote Refinery has assured Nigerians that its petrol will be available nationwide through its key distribution partners—MRS Holdings, Ardova Petroleum (AP), and Heyden. The company provided a breakdown of prices at various locations:
MRS Holdings stations:
– Lagos: N860 per litre
– South-West: N870 per litre
– North: N880 per litre
– South-South and South-East: N890 per litre
AP and Heyden stations:
– Lagos: N865 per litre
– South-West: N875 per litre
– North: N885 per litre
– South-South and South-East: N895 per litre
Also Read:
- FCCPC Summons MultiChoice Over DStv, GOtv Price Increase
- Fuel Scarcity Looms as IPMAN Issues 7-Day Ultimatum Over Unpaid N100B Claims
Ensuring Steady Supply and Economic Growth
Dangote Refinery reassured the public that it has enough fuel in storage to meet domestic demand and even export surplus products. The refinery currently holds over 500 million litres of petrol, ensuring a steady supply for several days.
The refinery also called on fuel marketers to support its initiative by ensuring that the price reductions reach the end consumers. “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 added.
In addition to meeting local demand, Dangote Refinery has been actively exporting its products. Recently, it supplied jet fuel to Saudi Arabia and has continued to export petroleum products to Europe, America, and Asia.
With a refining capacity of 650,000 barrels per day—surpassing Nigeria’s average daily fuel requirement of 385,000 barrels—the refinery remains committed to reducing the country’s dependence on fuel imports while supporting economic growth.