Dangote Petroleum Refinery & Petrochemicals has announced its decision to absorb a N16bn loss by refunding N65 per litre to marketers, ensuring that Nigerians benefit from cheaper fuel prices.
In a statement issued over the weekend, the refinery pledged to compensate customers who purchased Premium Motor Spirit (PMS) at rates higher than the advertised prices from its key partners—AP (Ardova Plc), Heyden, and MRS—across the country.
This move follows the refinery’s recent decision to reduce its gantry price from N890 per litre to N825 per litre. The company explained that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to drive economic growth and ensure that citizens directly benefit from the reduction.
Dangote Refinery confirmed that it would refund N65 per litre on over 200,000 metric tonnes of PMS purchased at the previous gantry price of N890 per litre before the new rate took effect on February 27, 2025. The company emphasized that the measure guarantees its business partners do not suffer losses while ensuring that the reduced price is immediately reflected nationwide.
Beyond its key partners, Dangote urged all marketers sourcing fuel from its refinery to extend the benefit to consumers, discouraging any attempt to take undue advantage of the price reduction. It condemned excessive profiteering, stating that it is unfair for anyone to purchase fuel at N825 per litre and resell at N945 or more, adding that such actions burden Nigerians unnecessarily.
The refinery encouraged consumers who pay above the official prices at any of its designated partners’ outlets to report the issue with receipts for a full refund of the excess amount. Approved rates per litre include: MRS at N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East, while Heyden and AP will sell at N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
With the new gantry price set at N825 per litre, Dangote Refinery assured Nigerians that no one should pay more than N900 per litre, regardless of location or station. The company also reiterated its commitment to providing high-quality, eco-friendly fuel that enhances vehicle performance and supports public health.
Dangote Refinery reaffirmed its alignment with President Tinubu’s Renewed Hope Agenda, which prioritizes self-sufficiency in key sectors like energy. The refinery remains committed to supporting Nigeria’s economic growth and ensuring access to affordable, high-quality energy solutions.
The statement concluded by emphasizing that this initiative is part of the refinery’s broader commitment to Nigeria’s energy security, economic prosperity, and a sustainable future.
