Dangote Refinery crashes PMS price to N825 per litre

*The Dangote Petroleum Refinery and Petrochemicals, Lagos, announces the latest price adjustment of Premium Motor Spirit, also called petrol from N890 to N825 per litre at the gantry (ex-depot) will take effect from February 27, 2025, and the move is intended to provide essential relief to Nigerian energy consumers

Isola Moses | ConsumerConnect

Dangote Petroleum Refinery and Petrochemicals, Lagos, Nigeria, has announced a reduction in the price of Premium Motor Spirit (PMS) also known as petrol, for the second time February 2025.

The Refinery recently 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 February 1.

The Dangote Petroleum Refinery said the ex-depot price had thus decreased from N950 per litre 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 first privately-owned petroleum refinery in Africa, in a statement Wednesday, said that the latest price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.

The statement noted: “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.”

The company also stated: “This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. “Additionally, 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.”

The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy.

According to Dangote, 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.

It further stated: “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.”

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.

The statement said: “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.