For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (petrol), cutting it from N890 to N825 per litre. This N65 per litre reduction follows an earlier N60 per litre decrease on February 1.
A statement from the refinery, which has a 650,000 barrels-per-day capacity, noted that the ex-depot price has now dropped from N950 per litre in January to N825 per litre, marking a total reduction of N125 per litre within 26 days.
“This recent price reduction will ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the company stated.
The refinery, Africa’s first privately owned petroleum processing plant, announced that the new pricing takes effect from Thursday, February 27, and aims to provide economic relief to Nigerians.
“This strategic price adjustment is intended to ease the financial burden on Nigerians, particularly in anticipation of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives,” the statement read.
The company emphasized that Dangote Petroleum Refinery has consistently lowered petrol and other refined product prices to benefit Nigerians. The latest cut follows a previous reduction of N60 earlier in February. Additionally, in December 2024, during the festive season, the refinery dropped the price of PMS by N70.50—from N970 to N899.50 per litre—to help ease the cost of living.
The refinery highlighted that past price reductions have positively impacted various economic sectors, ensuring stable fuel supply and preventing the typical scarcity and price surges seen during the yuletide season.
North – N880 per litre
South-South/South-East – N890 per litre
AP (Ardova Petroleum) & Heyden stations:
Lagos – N865 per litre
South-West – N875 per litre
North – N885 per litre
South-South/South-East – N895 per litre
Dangote Petroleum Refinery assured consumers of a steady supply of petroleum products, with sufficient reserves to meet domestic demand and surplus production for export, contributing to Nigeria’s foreign exchange earnings.
The company urged petroleum marketers to support its price reduction efforts, ensuring Nigerians benefit fully from the initiative.
“This move aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a key player in the global oil market,” the refinery stated.
Dangote Petroleum Refinery, which exports refined products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia.
The refinery confirmed it currently holds over 500 million litres of petrol in storage, enough to meet Nigeria’s fuel demand for several days. Furthermore, its refining capacity of 650,000 barrels per day exceeds Nigeria’s average daily petrol consumption of 385,000 barrels.
