For Second Time in February, Dangote Reduces Petrol Price, Pegs Ex-depot Rate at N825/litre

•Oil retailers intervene in N100bn bridging claims by marketers

Emmanuel Addeh, Peter Uzoho in Abuja and Sunday Ehigiator in Lagos

For the second time this February, Dangote Petroleum Refinery & Petrochemicals, yesterday reduced the ex-depot price of petrol, cutting N65 off the previous price of N890 and bringing it down to N825 per litre at the gantry.

With an earlier N60 reduction on February 1, it means that 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.

The price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos, a statement by the management of the refinery stated.

The first privately owned petroleum refinery in Africa announced that the price adjustment will take effect from Thursday (today) February 27, and is intended to provide essential relief to Nigerians.

“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month.

“Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season,” the statement added.

The refinery highlighted that previous reductions had positively impacted the overall cost of living, benefiting various sectors of the economy. It said that they also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.

Dangote reiterated that its ‘high-quality’ products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates.

“Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East,” it added.

Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.

The refinery called on marketers to support the initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it concluded.

Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days.

Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria’s average daily requirement of 385,000 barrels, the statement added.

Meanwhile, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) yesterday said it had stepped in to facilitate the pending payment of bridging claims, urging its members to refrain from shutting down operations and instead advocate for dialogue to resolve the issue with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

“PETROAN acknowledges the frustration and concerns of its members regarding the unpaid bridging claims, which totals N100 billion. However, the association believes that a shutdown would have devastating consequences, including fuel scarcity, economic disruption, and hardship for the Nigerian people,” statement made available to THISDAY by the National President, PETROAN, Dr Billy Gillis-Harry, stated.

Key benefits of the dialogue, it said, will be to identify mutually beneficial solutions, build trust and strengthen relationships, avoid costly and damaging shutdowns and ensure the continued stability and growth of the downstream petroleum sector

“PETROAN commends President Bola Tinubu’s efforts to reform the petroleum sector, promoting transparency, accountability, and economic growth. The association encourages all stakeholders to support and encourage these reforms, rather than sabotaging them.

“Under my leadership, PETROAN remains committed to promoting the stability and growth of the downstream petroleum sector through dialogue, cooperation, and innovative solutions.

“I hereby call on all sister stakeholders to add their voices to the matter, emphasising that the unpaid bridging claims should be a concern to all. This issue affects not just our members, but the entire industry and the Nigerian economy at large. 

“We urge all stakeholders to join us in advocating for a swift resolution to this matter and to work together to ensure the continued growth and stability of our sector,” Gillis-Harry added.