Dangote Petroleum Refinery & Petrochemicals has announced it will absorb a ₦16 billion loss to ensure Nigerians benefit from lower fuel prices. The company has pledged to refund ₦65 per litre to marketers who purchased Premium Motor Spirit (PMS) at higher rates before its recent price adjustment.
In a statement released over the weekend, Dangote Refinery confirmed that marketers who bought fuel at the previous gantry price of ₦890 per litre will be reimbursed following the reduction to ₦825 per litre. The refund applies to over 200,000 metric tonnes of PMS purchased before the new pricing took effect on February 27, 2025.
Nationwide Price Adjustment
The company emphasized that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate economic growth and ease financial burdens on Nigerians. Dangote Refinery assured that the new pricing would be immediately reflected at retail outlets nationwide, ensuring consumers benefit directly.
Key Price Updates
MRS: ₦860 in Lagos, ₦870 in the South-West, ₦880 in the North, ₦890 in the South-South and South-East
Heyden & Ardova Plc (AP): ₦865 in Lagos
Maximum Expected Retail Price Nationwide: ₦900 per litre
The refinery urged marketers sourcing fuel from it to pass on the cost reduction to consumers and condemned excessive profiteering.
“It is both unpatriotic and detrimental to Nigerians for any party to purchase at ₦825 per litre and then sell to consumers at ₦945 or more per litre,” the statement read.
Consumer Protection Measures
To ensure transparency, Dangote Refinery has advised customers to report any overpricing at AP (Ardova Plc), Heyden, or MRS outlets nationwide. Consumers who purchase fuel above the advertised rates can submit receipts to Dangote Refinery for a full refund of the excess amount.
Commitment to Energy Security
Dangote Refinery reiterated its dedication to providing high-quality, eco-friendly fuel that supports vehicle performance and public health.
“Our commitment aligns with Nigeria’s self-sufficiency goals in the energy sector. We remain dedicated to ensuring affordable, high-quality energy solutions for all Nigerians,” the statement concluded.
This move marks a significant step in stabilizing fuel prices and reducing the financial burden on Nigerians, reinforcing Dangote Refinery’s role in the country’s economic development.
