For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (petrol), lowering it from N890 to N825 per litre. This N65 per litre reduction comes after an earlier N60 cut on February 1.
In a statement, the refinery, which has a processing capacity of 650,000 barrels per day, highlighted that the ex-depot price has now fallen from N950 per litre in January to N825 per litre, reflecting a total decrease of N125 per litre over 26 days.
“This latest price adjustment means that consumers in Lagos will now pay between N860 and N865 per litre at filling stations,” the company stated.
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As Africa’s first privately owned petroleum refinery, Dangote Refinery announced that the new pricing would take effect from Thursday, February 27, with the goal of providing economic relief to Nigerians.
“This strategic price reduction is designed to ease financial pressures on Nigerians, particularly in preparation for the Ramadan season, while also aligning with President Bola Ahmed Tinubu’s economic recovery initiatives,” the statement read.
The refinery reiterated its commitment to lowering the cost of petrol and other refined products to benefit Nigerians. The latest price cut follows a N60 reduction earlier in February. Additionally, in December 2024, during the festive season, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, to help ease living costs.
According to Dangote Refinery, previous price reductions have had a positive impact on various economic sectors, ensuring a steady fuel supply and preventing shortages and price spikes typically seen during the holiday season.
The refinery reassured Nigerians that its high-quality fuel would remain readily available nationwide through key distribution partners, including MRS Holdings, AP (Ardova Petroleum), and Heyden, at competitive prices.
MRS Holdings stations in Lagos will sell petrol at N860 per litre.
