For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (PMS), cutting it from N890 to N825 per litre —a N65 per litre decrease following an earlier N60 reduction on February 1.
With this latest adjustment, the ex-depot price has now dropped by N125 per litre since January, when it was N950 per litre.
“This recent price reduction will ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the company stated.
The new pricing takes effect from Thursday, February 27, aiming to provide economic relief to Nigerians ahead of the Ramadan season, while also aligning with President Bola Ahmed Tinubu’s economic recovery initiatives.
Pump Prices Across Nigeria
The revised retail prices across major fuel stations include:
MRS Holdings stations:
- Lagos – N860 per litre
- South-West – N870 per litre
- North – N880 per litre
- South-South/South-East – N890 per litre
AP (Ardova Petroleum) & Heyden stations:
- Lagos – N865 per litre
- South-West – N875 per litre
- North – N885 per litre
- South-South/South-East – N895 per litre
Dangote Refinery’s Impact on Nigeria’s Economy
The 650,000 barrels-per-day refinery, Africa’s largest privately owned petroleum processing plant, emphasized that its consistent price reductions are meant to stabilize fuel costs and prevent price surges during peak periods.
– In December 2024, the refinery cut PMS prices by N70.50, from N970 to N899.50 per litre, to ease the cost of living during the festive season.
– The refinery has also ensured a steady fuel supply, preventing scarcity and price hikes.
With over 500 million litres of petrol in storage, Dangote Refinery reassured consumers of adequate supply to meet Nigeria’s fuel demand.
Additionally, the refinery exports refined products to Europe, America, Asia, and other regions, recently supplying jet fuel to Saudi Arabia.
Dangote Refinery urged petroleum marketers to support its price reduction efforts, ensuring Nigerians fully benefit from the initiative.
“This move aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a key player in the global oil market,” the company stated.
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