Sopuruchi Onwuka
Dangote Petroleum Refinery & Petrochemicals has declared a N16 billion refund to its primary offtakers in the domestic petroleum market as it marks down pump prices petrol from supply source.
According to a statement released by the refiner, the three loyal bulk offtakers will get a refund at the rate of N65 per to enable them to immediately relay the price cut to Nigerian consumers.
The refinery stated that “Nigerians deserve good quality, affordable fuel products.”
The Oracle Today reports that Dangote Refinery had last week cut N65 off the previous price of N890, bringing it down to N825 per litre for key partners including AP (Ardova Plc), Heyden, and MRS at the gantry (ex-depot). The cut follows an earlier N60 reduction on February 1.
The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.
Dangote stated that the recent price reduction would ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.
By the arrangement, Dangote Refinery declared that customers who purchase Premium Motor Spirit (PMS) at rates higher than the advertised prices to seek refund of N65 per liter of overpriced product.
Field survey by The Oracle Today however showed that most of the filling stations in Lagos including the refinery’s partners did not reduce price as specified in some of their filling stations, and undocumented sales practices at retail pumps in Nigeria complicates the call on customers to seek refund.
The refinery stated that the price cut is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
The refinery confirmed in a statement issued over the weekend that it would refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, prior to the new rate of N825 per litre.
“Dangote refinery also absorbed N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel,” it stated.
“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,” it added.
The refinery urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level, encouraging a collective commitment to affordable, quality products.
Dangote also condemned any exploitation of the new pricing structure, saying that “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.”
“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 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 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 refinery said.
Dangote Refinery concluded, “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.”
