Dangote Petroleum Refinery & Petrochemicals has announced it will absorb a N16bn loss by refunding N65 per litre to marketers, ensuring Nigerians benefit from lower fuel prices.
In a statement released over the weekend, the refinery stated that it would refund customers who purchase Premium Motor Spirit (PMS) at prices higher than the advertised rates from its key partners, including AP (Ardova Plc), Heyden, and MRS, across Nigeria.
This decision follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
The refinery explained that this initiative is part of its ongoing efforts to ensure Nigerians benefit directly from the price decrease, aligning with President Bola Tinubu’s Renewed Hope Agenda to stimulate the economy.
The refinery confirmed that it would refund N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the previous price of N890 per litre, prior to the new rate of N825 per litre.
The initiative, effective from February 27, 2025, ensures that none of its partners will incur a loss due to the price change. It also ensures the new, lower price is applied nationwide, benefiting the Nigerian people.
The refinery emphasized that this refund offer applies to all marketers sourcing fuel from it, not just MRS Holdings, Ardova Plc (AP), and Heyden.
It urged marketers to pass on the benefits of the new pricing to consumers at retail outlets, calling for a collective effort to provide affordable, high-quality fuel.
Dangote also condemned any exploitation of the new pricing structure. “It is unpatriotic and harmful to Nigerians for anyone to purchase at N825 per litre and then sell to consumers at N945 or more per litre. Such excessive profiteering further burdens Nigerians for personal gain,” the statement noted.
The refinery encouraged consumers who purchase fuel above the advertised rates at any of its key partners—AP (Ardova Plc), Heyden, or MRS—across Nigeria to report to Dangote Refinery with their receipts to receive a full refund of the excess charge.
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 gantry 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 stressed its commitment to providing high-quality, eco-friendly fuel that supports vehicle performance and public health.
“This commitment aligns with President Bola Tinubu’s Renewed Hope Agenda, which advocates for self-sufficiency in key sectors such as energy. We are dedicated to supporting Nigeria’s economic growth and ensuring that all Nigerians have access to affordable, high-quality energy solutions,” the refinery stated.
In conclusion, Dangote Refinery affirmed, “This initiative is part of our ongoing contributions to a prosperous and sustainable future for Nigeria. As we work towards energy security, we stand united with the Nigerian people, striving to provide lasting solutions and a more prosperous future for all.”
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