By Abiola Olawale
In a move described to ease the burden of fuel costs on Nigerians, Dangote Petroleum Refinery, owned by Africa’s richest man and Nigerian business magnate, has announced it will absorb a N16 billion loss on Premium Motor Spirit (PMS), also known as petrol and refund oil marketers N65 per litre on recent purchases.
The refinery said this initiative follows its decision to slash its ex-depot price of PMS from N890 to N825 per litre, effective February 27, 2025.
In a statement released by the refinery, it stated that the refund applies to over 200,000 metric tonnes of PMS purchased by marketers at the previous gantry price before the reduction.
According to the statement, this gesture aims to protect its business partners from financial losses due to the price drop while ensuring that the benefits of the new pricing ripple down to consumers at fuel stations nationwide.
The statement reads in part: “Dangote Refinery in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.
“The approved rates per litre are as follows: MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
“With the new price set at N825 per litre, Dangote Refinery expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station. The refinery also underlined its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health.
“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like 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 is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country. In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”
