For the second time this month, Dangote Refinery has reduced the price of petrol, announcing a new ex-depot price of N825 per litre, down from N890 per litre.
In a statement on Wednesday, the company said the price adjustment will take effect from February 27, 2025. This follows an earlier reduction at the start of the month when the refinery cut its petrol price from N950 to N890 per litre, citing a positive global energy outlook and a decline in international crude oil prices.
The latest price cut is aimed at providing relief to Nigerians, particularly during the Ramadan season.
Steady Price Reductions Since January
The refinery highlighted that its ex-depot price has dropped by N125 per litre in just 26 days, from N950 in January to the current N825 per litre. This move is expected to bring pump prices in Lagos to N860–N865 per litre, with similar adjustments across other regions.
“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to benefit Nigerians,” the statement read.
In addition to this month’s reductions, Dangote Refinery had previously lowered the price of petrol in December 2024 by N70.50, from N970 to N899.50 per litre, as part of efforts to ease living costs during the festive period.
Nationwide Impact and Retail Prices
The refinery assured the public of a steady supply of petrol, emphasizing that its products—well-regarded both locally and internationally—will remain available across the country through its key partners: MRS Holdings, Ardova Petroleum (AP), and Heyden.
The statement outlined expected retail prices across different 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
Economic and Strategic Importance
The refinery emphasized that its latest price reduction aligns with the economic recovery agenda, aimed at reducing the financial burden on Nigerians.
Additionally, Dangote Refinery continues to strengthen Nigeria’s self-sufficiency in petroleum products, with surplus production allowing for exports to Europe, America, Asia, and even Saudi Arabia.
“The refinery currently holds over 500 million litres of petrol in storage, more than enough to meet domestic demand for several days,” the statement added.
Call for Support from Marketers
Dangote Refinery urged marketers to fully support this initiative, ensuring that the benefits reach Nigerian consumers.
“This collective effort will contribute to the broader goal of making Nigeria a leading exporter of refined petroleum products,” the statement concluded.
