For the second time in February, Dangote Petroleum Refinery has slashed the ex-depot price of premium motor spirit (petrol), lowering it from N890 to N825 per litre. This N65 per litre reduction follows an earlier N60 cut on February 1, bringing significant relief to consumers.

In a statement, the 650,000 barrels-per-day capacity refinery 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 announced.

As Africa’s first privately owned petroleum processing plant, Dangote Refinery said the new pricing would take effect from Thursday, February 27, aiming to provide economic relief to Nigerians ahead of the Ramadan season and support President Bola Ahmed Tinubu’s economic recovery initiatives.

The company reaffirmed its commitment to lowering fuel prices for the benefit of Nigerians, recalling a similar N60 reduction earlier this month and a N70.50 price cut in December 2024 during the festive period. These efforts have helped stabilize fuel supply and prevent seasonal price surges.

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

The refinery reassured Nigerians of a steady supply of high-quality fuel, with sufficient reserves and surplus production available for export. It currently holds over 500 million litres of petrol in storage, enough to meet domestic demand for several days.

With its 650,000 barrels-per-day refining capacity, the refinery exceeds Nigeria’s average daily petrol consumption of 385,000 barrels, ensuring both domestic supply and foreign exchange earnings through exports to Europe, America, Asia, and other regions.

Dangote Refinery called on petroleum marketers to support its price reduction initiative, ensuring the benefits reach Nigerians nationwide. The company emphasized that this effort aligns with President Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and strengthening the country’s position in the global oil market.