Dangote refinery cuts fuel price by N65

Daniel Adaji, Abuja

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit, commonly known as petrol, by N65 per litre, bringing the price down from N890 to N825 per litre. The price cut will take effect from Thursday, February 27, 2025.

In an official statement released by the refinery’s management on Wednesday, the company emphasised that this strategic move is aimed at easing the financial burden on Nigerians, particularly as the Ramadan season approaches, and aligns with President Bola Tinubu’s economic recovery policies.

“This strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace,” the statement read.

The refinery noted that this is the second price reduction in February 2025, following an earlier N60 reduction at the beginning of the month. The company has maintained a trend of fuel price cuts, including a N70.50 per litre reduction in December 2024, which helped stabilize prices during the yuletide season.

“This marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month,” Dangote Refinery stated.

“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,” it added.

With the new price structure, Dangote’s petrol will be available at MRS Holdings stations for N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East. Similarly, at AP (Ardova Petroleum) and Heyden stations, the prices will be N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.

“Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets,” the company confirmed.

Assuring the public of a steady fuel supply, the refinery stated that it has sufficient reserves to meet domestic demand while also exporting surplus to boost Nigeria’s foreign exchange earnings. The company urged petroleum marketers to align with the initiative and ensure Nigerians benefit from the price adjustment.

“Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings,” the statement added.

The refinery reaffirmed its commitment to supporting President Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a major oil export hub.

“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 establishing the country as a leading oil export hub,” the refinery stated.

With this latest price cut, Nigerians can expect some relief at the pumps, as fuel costs continue to play a critical role in determining the country’s economic trajectory.