Dangote Petroleum Refinery & Petrochemicals has announced it will absorb a N16 billion loss by refunding N65 per litre to marketers, ensuring Nigerians benefit from lower fuel prices.
The refinery confirmed it would compensate marketers who purchased Premium Motor Spirit (PMS) at higher rates before its recent price reduction.
Customers who bought fuel from key partners—AP (Ardova Plc), Heyden, or MRS—at the previous gantry price of N890 per litre will receive a refund, following the new rate of N825 per litre.
This initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to boost the economy and provide more affordable energy solutions.
The refinery assured that the refund, effective February 27, 2025, will prevent losses for its business partners while ensuring consumers immediately benefit from the price cut nationwide.
Dangote urged all marketers sourcing fuel from its refinery to pass on the cost reduction to consumers and warned against price exploitation, condemning those who purchase at N825 per litre but resell at N945 or more.
Consumers paying above the approved rates at any partner station are encouraged to report with their receipts for a refund.
The new price structure includes varying rates for different regions, with MRS pricing at N860 (Lagos), N870 (South-West), N880 (North), and N890 (South-South/South-East).
Dangote Refinery emphasized its commitment to delivering high-quality, eco-friendly fuel while supporting Nigeria’s economic growth and energy security.
“This initiative is part of our dedication to providing lasting energy solutions and a more prosperous future for all Nigerians,” the refinery concluded.
The move is expected to have a positive impact on the economy, as lower fuel prices will reduce the cost of transportation and other goods.
It is also seen as a step towards achieving the federal government’s goal of making Nigeria self-sufficient in petroleum products.
