Dangote Refinery has reduced petrol prices again, cutting N65 to N825 per litre ex-depot. This follows a N60 cut earlier in February, totaling a N125 reduction since January. The move aims to ease financial burdens, support economic recovery, and ensure stable supply.

Dangote Petroleum Refinery & Petrochemicals has reduced the price of Premium Motor Spirit (PMS), also known as petrol, for the second time this month. The latest reduction sees a N65 decrease from the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows an earlier N60 price cut implemented on February 1.

As a result, the ex-depot price has dropped from N950 per litre in January to N825 per litre within a span of 26 days, reflecting a total reduction of N125 per litre. This latest price adjustment will ensure that petrol prices at the pump in Lagos range between N860 and N865 per litre.

According to a statement issued by Dangote Petroleum Refinery, the price revision will take effect on Thursday, February 27. The move is aimed at providing financial relief to Nigerians, particularly during the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy.

“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace. It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. 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 statement read.

The refinery emphasized that past price reductions had played a crucial role in stabilizing the cost of living and positively impacted various sectors of the economy. These reductions also helped to mitigate the fuel shortages and price hikes that typically occur during the yuletide season.

Dangote Petroleum Refinery reaffirmed its commitment to supplying high-quality petroleum products that have gained popularity both locally and internationally. It assured Nigerians that its products would remain available across the country, particularly through key distribution partners, including MRS Holdings, AP (Ardova Petroleum), and Heyden, at competitive market rates.

“Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East,” the statement continued.

The refinery reassured Nigerians of a stable and consistent supply of petroleum products, with adequate reserves to meet the country’s domestic needs while also exporting surplus production to international markets. This, it stated, would contribute to strengthening Nigeria’s foreign exchange earnings.

In addition, the refinery called on petroleum marketers to support the initiative to ensure that Nigerians remain the primary beneficiaries of the price reductions.

“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,” it added.

Dangote Petroleum Refinery, which has exported its refined products to Europe, America, and Asia, recently supplied jet fuel to Saudi Arabia. The refinery confirmed that it currently has over 500 million litres of petrol in storage, sufficient to meet Nigeria’s fuel demand for several days. Furthermore, the 650,000-barrel-per-day refining capacity of the facility exceeds Nigeria’s average daily petrol requirement of 385,000 barrels.