Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut ₦65 off the previous price of ₦890, bringing it down to ₦825 per litre at the gantry (ex-depot). This follows a ₦60 reduction on February 1.
The ex-depot price has thus decreased from ₦950 per litre in January to the current price of ₦825 per litre, representing a reduction of ₦125 per litre within 26 days.
This recent price reduction will also ensure that Nigerians pay between ₦860 and ₦865 per litre for petrol at the pump in Lagos.
In a statement from the first privately owned petroleum refinery in Africa, it was announced that the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.
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 ₦60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by ₦70.50, from ₦970 to ₦899.50 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 highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.
Dangote reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly 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 ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North, and ₦890 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: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East,” it added.
Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.
The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
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 concluded.
Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria’s average daily requirement of 385,000 barrels.
Meanwhile, Nigerians have, since the news of the price slash of PMS broke, been positively reacting.
Packaged by Alice Egbedele
