For the second time in February, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of premium motor spirit (petrol), lowering it from N890 to N825 per litre.
This latest N65 per litre cut follows an earlier N60 per litre reduction on February 1, bringing the total price drop to N125 per litre within 26 days.
A statement from the refinery, Africa’s first privately owned petroleum processing plant, confirmed that the new price adjustment takes effect Thursday, February 27. This move is aimed at easing the economic burden on Nigerians, especially ahead of the Ramadan season, while supporting President Bola Ahmed Tinubu’s economic recovery initiatives.
Major Price Drops Since January
January 2025: Ex-depot price at N950 per litre
February 1, 2025: Reduced to N890 per litre (-N60)
February 27, 2025: Further reduced to N825 per litre (-N65)
Total reduction in 26 days: N125 per litre
According to the refinery, this price drop will ensure that petrol retails at N860-N865 per litre in Lagos, depending on the fuel station.
New Petrol Prices Across Regions
MRS Holdings Stations
Lagos – N860 per litre
South-West – N870 per litre
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
Strategic Relief for Nigerians
The Dangote Refinery emphasized that this proactive pricing strategy is designed to stabilize fuel costs and prevent supply shortages. This follows a similar reduction in December 2024, when petrol prices were slashed from N970 to N899.50 per litre during the festive season, easing the cost of living.
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The refinery assured Nigerians that it has a steady supply of petroleum products, with over 500 million litres of petrol in storage—enough to meet domestic demand for several days. With a refining capacity of 650,000 barrels per day, Dangote Refinery surpasses Nigeria’s daily petrol consumption of 385,000 barrels.
Global Market Impact
Beyond local supply, the refinery continues to export refined products to Europe, America, and Asia. Recently, it supplied jet fuel to Saudi Arabia, reinforcing its position in the global energy market.
The company urged petroleum marketers to support its price reduction efforts, ensuring that Nigerians fully benefit from the initiative.
“This move aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products, strengthening the country’s energy security and economic stability,” the refinery stated.