DANGOTE REFINERY REDUCED the price of Petrol from N890 to N825 per litre to retailers on Wednesday ahead of Ramadan fasting.
In a statement released by the company, the price will be effective from February 27.
In its statement on Wednesday, the company said the price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season
Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on 1 February.
“The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days. This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the statement said.
The statement further explained that this strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola 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,” it said.
Additionally, it said in December 2024, during the yuletide period, the refinery reduced the price of petrol 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 refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy, noting that it helped to ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.
The refinery 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 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,” it said.
The 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.
It 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,” the statement said.
According to the statement, Dangote 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.”
The Explainer reported Dangote Petroleum Refinery and Petrochemicals reduced the price of its diesel to N1,020 per litre, down from the previous N1,075 per litre at the gantry.
In a statement on Tuesday, February 11, the company stated that the price cut was aimed at providing better value to its customers and Nigerians as a whole.
Since commencing diesel production in January 2024, the refinery has lowered diesel prices multiple times, initially reducing the cost from N1,700 per litre to N1,000.
Additionally, the refinery recently lowered the ex-depot price of petrol from N950 to N890 per litre.
As a result, fuel marketers have adjusted their prices, with MRS now selling a litre of petrol at N925.
Dangote Petroleum Refinery is a large-scale oil refinery owned by Dangote Group and located in Lekki, Lagos, Nigeria. It is the largest single-train refinery in the world, designed to process 650,000 barrels of crude oil per day.
The project was initiated by Nigerian billionaire, Aliko Dangote, to reduce Nigeria’s dependence on imported petroleum products. Construction began in 2016, with the refinery initially expected to be completed in 2019, but faced delays due to funding, logistics, and the COVID-19 pandemic.
In May 2023, the refinery was formally inaugurated by Nigeria’s then-President, Muhammadu Buhari.
Operations commenced in 2024, with the first batch of refined diesel and aviation fuel rolled out in January. The facility produces petrol, diesel, jet fuel, and polypropylene, playing a crucial role in strengthening Nigeria’s energy sector and economy.
