Emmanuel OchayiDangote Petroleum Refinery & Petrochemicals has announced that it will absorb a N16 billion loss by refunding N65 per litre to fuel marketers to ensure Nigerians benefit from cheaper fuel prices.
In a statement released over the weekend, the refinery confirmed that customers who purchased Premium Motor Spirit (PMS) at rates higher than the recently reduced price from any of its key partners—AP (Ardova Plc), Heyden, or MRS—will receive refunds. This move follows the refinery’s decision to lower its gantry price from N890 per litre to N825 per litre.
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Dangote Refinery’s Commitment to Nigerians
The company emphasized that this initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which focuses on economic stimulation and self-sufficiency in critical sectors like energy. By refunding the price difference, Dangote Refinery ensures that Nigerians benefit from the reduction immediately, rather than facing delays due to stock already purchased at the previous price.
A company representative stated, “The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.”
Marketers Urged to Reflect the New Price
The refinery urged all marketers purchasing PMS from Dangote to transfer the price reduction benefits directly to consumers. It warned against excessive profiteering, condemning any attempt to sell fuel at inflated rates despite the price cut.
The statement read, “It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain.”
Dangote Refinery reaffirmed its commitment to affordable fuel prices, encouraging transparency among fuel retailers to protect consumers from price exploitation.
Consumers Encouraged to Report Overpricing
To ensure compliance, Dangote Refinery urged consumers to report any instance where fuel is sold above the advertised rates. Any Nigerian who purchases fuel above the approved price at MRS, AP (Ardova Plc), or Heyden stations can submit their receipts to Dangote Refinery for a full refund of the excess amount paid.
The approved rates per litre at major partners are:
- MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
- Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
Dangote Refinery’s Vision for Affordable Energy
With the new gantry price set at N825 per litre, Dangote Refinery assured Nigerians that no consumer should be paying more than N900 per litre for PMS at any station, regardless of location.
The refinery also reiterated its dedication to producing high-quality, eco-friendly fuel that supports vehicle performance and public health.
“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions,” the statement read.
Dangote Refinery’s Role in Nigeria’s Energy Future
Dangote Refinery stressed that this initiative is part of its broader efforts to support Nigeria’s energy security and economic stability. By ensuring fuel affordability and accessibility, the company aims to contribute to a sustainable and prosperous future for Nigerians.
The refinery concluded, “This initiative is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country. In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
