By Springs News NG – March 3, 2025

Dangote Petroleum Refinery has announced a ₦16 billion refund to oil marketers who purchased petrol at higher rates before the company’s recent price reduction. This move comes after Dangote slashed its Premium Motor Spirit (PMS) price from ₦890 to ₦825 per litre on February 26.

In a statement released on Sunday, the refinery assured its business partners that it would refund ₦65 per litre on over 200,000 metric tonnes of petrol sold at the previous rate. “Effective February 27, this step ensures that none of our valued business partners will experience a loss due to the price change,” the statement read. “More importantly, it ensures the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.”

The price cut offers relief to Nigerians struggling with rising living costs. Since fuel prices impact transportation, food, and general expenses, Dangote’s move aims to ease economic burdens.

Distributors and Retail Price Regulations

The refinery identified key distributors, including Ardova Plc (AP), Heyden, and MRS Oil, urging them to pass on the benefits of the reduced prices to consumers. It also warned against excessive profiteering, stating that selling at inflated rates would not be tolerated.

“It is both unpatriotic and detrimental to Nigerians’ welfare for any party to purchase at ₦825 per litre and then sell to consumers at ₦945 or more per litre,” Dangote Refinery cautioned.

To prevent losses for marketers, the company advised those who bought at the previous price to present their receipts for a refund.

New Approved Prices

Dangote Refinery also provided revised price guidelines:

• MRS: ₦860 (Lagos), ₦870 (South-West), ₦880 (North), ₦890 (South-South & South-East)
• Heyden & AP: ₦865 (Lagos), ₦875 (South-West), ₦885 (North), ₦895 (South-South & South-East)

With the gantry price now set at ₦825 per litre, Dangote capped the nationwide retail price at ₦900 per litre. The refinery reassured Nigerians of its commitment to high-quality, eco-friendly petrol, fair pricing, and steady supply.