Dangote Petroleum Refinery & Petrochemicals has announced that it will absorb a N16 billion loss by reimbursing marketers N65 per litre to ensure Nigerians benefit from lower fuel prices.
In a statement released over the weekend, the refinery assured that marketers who purchased Premium Motor Spirit (PMS) at a higher rate than its newly adjusted price can claim refunds.
This applies to fuel bought from its official distributors, including AP (Ardova Plc), Heyden, and MRS, across Nigeria.
This decision follows a recent price adjustment, reducing the refinery’s gantry rate from N890 per litre to N825 per litre.
The company emphasised that this initiative aligns with its commitment to making fuel more affordable for Nigerians and supports President Bola Tinubu’s Renewed Hope Agenda, aimed at boosting economic stability.
The refinery confirmed that a N65 per litre refund will be issued on over 200,000 metric tonnes of PMS previously sold at the old price of N890 per litre, ensuring that marketers are compensated for the price reduction.
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“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change.
“More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the statement said.
The refinery highlighted that this initiative is not limited to MRS Holdings, Ardova Plc (AP), and Heyden alone.
It called on all marketers obtaining supplies from its facility to ensure that consumers at the retail level benefit from the revised pricing, fostering a shared responsibility for making quality products more affordable.
Additionally, Dangote denounced any attempts to take undue advantage of the new pricing system.
“It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain,” the statement added.
“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 newly approved pump prices 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 will retail at N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
With the ex-depot price now fixed at N825 per litre, Dangote Refinery has assured that no Nigerian, regardless of location or fuel station, will pay more than N900 per litre for petrol.
The refinery reaffirmed its commitment to delivering top-quality, environmentally friendly fuel, which enhances vehicle efficiency while promoting public health.
“Our mission aligns with President Tinubu’s Renewed Hope Agenda, which prioritizes national self-sufficiency in key sectors like energy. We remain focused on driving Nigeria’s economic development while ensuring that all citizens have access to affordable and high-standard energy solutions,” the refinery stated.
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Dangote Refinery further emphasised, “This is just one of the many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to Nigeria’s progress and sustainability.
“As we advance toward energy security, we remain steadfast in our commitment to providing long-term solutions and fostering a more prosperous future for all Nigerians.”
