News Investigators/ Dangote Petroleum Refinery and Petrochemicals has once again reduced the price of Premium Motor Spirit (PMS), also known as petrol, marking the second price cut this month.
The company disclosed this in statement signed by its Head of Media Communications on Wednesday in Lagos.
It explained that the company had reduced the price by N65, from the previous N890 per litre, bringing it down to N825 per litre at the gantry (ex-depot).
This follows a N60 reduction earlier in February.
The company noted that the ex-depot price had dropped from N950 per litre in January to N825 per litre, reflecting a N125 reduction over the past 26 days.
“This recent price adjustment is expected to ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.
“The new price will take effect from Thursday, February 27, and is aimed at providing much-needed relief to Nigerians, particularly in light of the upcoming Ramadan season.
“This strategic price adjustment is designed to offer essential relief to Nigerians during Ramadan while supporting President Bola Ahmed Tinubu’s economic recovery policies by easing the financial burden on the populace,” the statement read.
It further highlighted that Dangote Petroleum Refinery had consistently lowered petrol and other refined petroleum product prices for the benefit of Nigerians.
The statement said that this price reduction marked the second time this month that PMS prices had been slashed, following a N60 decrease earlier in February.
It said, “In December 2024, during the holiday season, the refinery reduced petrol prices by N70.50, from N970 to N899.50 per litre, as part of its ongoing commitment to easing the cost of living and providing relief during the festive period.”
The refinery emphasised that previous reductions had a positive impact on the overall cost of living and helped prevent the typical fuel shortages and price hikes associated with the holiday season.
Dangote also assured that its high-quality products, which had gained popularity both domestically and internationally, would remain available nationwide through its key partners, MRS Holdings, AP (Ardova Petroleum), and Heyden, at market-friendly rates.
The statement outlined the following prices for Dangote petrol at various retail outlets:
MRS Holdings stations: N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East regions.
AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East regions.
Dangote Petroleum Refinery also assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby contributing to the country’s foreign exchange earnings.
It called on marketers to support the initiative, ensuring that Nigerians are the primary beneficiaries of these efforts.
It emphasised that such collective actions would contribute to the broader economic recovery plan, spearheaded by President Bola Ahmed Tinubu, aimed at making Nigeria self-sufficient in refined petroleum products and positioning the country as a major oil export hub.
Dangote Petroleum Refinery, which has successfully 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 refinery’s capacity of 650,000 barrels per day surpasses Nigeria’s average daily petrol requirement of 385,000 barrels.
NAN
