By Habeeb Ibrahim
Dangote Petroleum Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, lowering it by N65 per litre. Effective from February 27, 2025, the price will drop from N890 to N825 per litre.
According to a statement issued by the company’s management on Tuesday, the decision is aimed at easing the financial burden on Nigerians ahead of the Ramadan season, while also aligning with President Bola Ahmed Tinubu’s economic recovery policies.
This marks the second fuel price reduction by Dangote Refinery in February 2025, following an earlier N60 per litre decrease at the beginning of the month. The company had also cut petrol prices in December 2024, reducing the cost by N70.50 from N970 to N899.50 per litre to cushion the impact of high living costs during the festive period.
Dangote Refinery noted that its price reductions have contributed to stabilizing the fuel supply, preventing the usual scarcity and price surges that Nigerians typically face during festive seasons.
With the latest reduction, petrol will now sell at N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East at MRS Holdings stations. Similarly, at AP (Ardova Petroleum) and Heyden stations, the product will be available at N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.
Dangote Refinery reaffirmed its commitment to ensuring a steady supply of petroleum products, maintaining adequate reserves for domestic consumption while also boosting Nigeria’s foreign exchange earnings through exports.
The company urged marketers to cooperate by passing on the benefits of the price cuts to consumers, emphasizing that the initiative is crucial to supporting Nigeria’s broader economic recovery and self-sufficiency in refined petroleum products.
