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For the second time this month, Dangote Petroleum Refinery has slashed its ex-depot petrol price, reducing the cost by N65 to N825 per litre, down from its previous rate of N890. This latest price cut follows an earlier N60 reduction on February 1, bringing the total decrease from January’s N950 per litre to N825 per litre, a cumulative N125 drop in just 26 days.
The move ensures that Lagos residents will now pay between N860 and N865 per litre at the pump, according to a statement from the refinery’s management. The price adjustment, effective Thursday, February 27, is aimed at providing economic relief, aligning with President Bola Tinubu’s economic recovery strategy.
Commitment to Affordability
This marks the second time in February 2025 that Dangote Petroleum Refinery has lowered fuel prices. In December 2024, during the festive season, the refinery had previously reduced PMS prices by N70.50 from N970 to N899.50 per litre, reinforcing its commitment to stabilizing fuel costs and mitigating inflationary pressures.
Dangote emphasized that these price adjustments have alleviated economic burdens and helped avert the usual fuel scarcity and price surges common during high-demand periods. The refinery also underscored its continued partnership with key distributors, including MRS Holdings, AP Ardova Petroleum, and Heyden, to maintain affordability across the country.
Regional Pricing
- MRS Holdings Retail Outlets:
- Lagos: N860 per litre
- South-West: N870 per litre
- North: N880 per litre
- South-South & South-East: N890 per litre
- AP Ardova Petroleum & Heyden Retail Outlets:
- Lagos: N865 per litre
- South-West: N875 per litre
- North: N885 per litre
- South-South & South-East: N895 per litre
Sustained Supply and Export Drive
Dangote Petroleum Refinery assured the public of steady product availability, maintaining sufficient reserves for domestic consumption while also exporting refined products to international markets. The refinery recently supplied jet fuel to Saudi Arabia and has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s demand for several days. With a refining capacity of 650,000 barrels per day, Dangote’s facility comfortably surpasses Nigeria’s daily requirement of 385,000 barrels.
Industry Mediation Over N100bn Bridging Claims
Meanwhile, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has stepped in to mediate the unresolved N100 billion bridging claims owed by the government. In a statement, PETROAN President Dr. Billy Gillis-Harry urged members to avoid halting operations and instead engage in dialogue with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Calls for Resolution
Dr. Gillis-Harry emphasized the need for a constructive approach to resolving the dispute, warning that a shutdown could trigger fuel shortages, economic instability, and hardship for Nigerians.
“A shutdown would have far-reaching consequences, disrupting economic activities and exacerbating fuel scarcity. We encourage a diplomatic resolution to safeguard the stability of the downstream sector,” he stated.
PETROAN lauded President Tinubu’s initiatives in the petroleum sector, urging stakeholders to support reforms promoting transparency, accountability, and sustainable growth.
“Under my leadership, PETROAN remains committed to fostering cooperation and innovation within the industry. The unpaid bridging claims are not just an issue for marketers but a matter of national economic interest. We call on all stakeholders to advocate for a swift resolution,” Gillis-Harry added.
Article updated 2 months ago. Content is written and modified by multiple authors.
