In a bold move to cushion the effect of rising fuel prices, Dangote Petroleum Refinery & Petrochemicals has announced it will absorb a N16 billion loss by refunding N65 per litre to fuel marketers, ensuring Nigerians benefit from more affordable petrol.
The company, in a statement issued over the weekend, pledged to refund customers who purchased Premium Motor Spirit (PMS) at rates higher than the recently announced prices from its major distribution partners – Ardova Plc (AP), Heyden Petroleum, and MRS Holdings – across the country.
This decision follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre, a strategic move aligned with President Bola Tinubu’s Renewed Hope Agenda to stimulate the economy and alleviate the financial burden on Nigerians.
The refinery confirmed that the N65 per litre refund applies to over 200,000 metric tonnes of PMS sold at the old price before the reduction took effect on February 27, 2025.
“This step guarantees that none of our valued business partners will suffer losses due to the price adjustment. More importantly, it ensures that the lower price reaches consumers immediately,” the statement read.
Dangote Refinery warned marketers against exploiting the new pricing system, condemning the sale of PMS at excessive rates.
“It is both unpatriotic and harmful for any marketer to buy at N825 per litre and sell to consumers at N945 or more per litre. Such excessive profiteering will only worsen the hardship faced by Nigerians,” the company stated.
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To enforce price compliance, the refinery encouraged consumers who buy fuel above the approved rates from AP, Heyden, or MRS stations to report to the company with their receipts for a full refund of the excess amount paid.
The refinery outlined the new official PMS rates as follows:
Location MRS Price AP & Heyden Price
Lagos N860 N865
South-West N870 N875
North N880 N885
South-South/South-East N890 N895
Dangote Refinery assured Nigerians that the price cut is part of its long-term commitment to providing high-quality, eco-friendly fuel that enhances vehicle performance and supports public health.
“As we champion self-sufficiency in energy, we remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions,” the statement added.
This initiative marks another milestone in the refinery’s drive to build a prosperous and sustainable future for Nigeria, offering immediate relief to millions of fuel users across the country.