Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦890 to ₦825 per litre.
This new pricing takes effect on February 27, 2025.
The refinery made the announcement in a statement on Wednesday, revealing a price cut of ₦65. According to the statement, buyers in Lagos can now purchase petrol at ₦860 per litre at MRS stations.
Under the new pricing structure, MRS outlets will sell petrol at ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North, and ₦890 per litre in the South-South and South-East regions.
For AP (Ardova Petroleum) and Heyden stations, the prices will be slightly different: ₦865 per litre in Lagos, ₦875 in the South-West, ₦885 in the North, and ₦895 in the South-South and South-East.
The refinery assured the public that it has enough reserves to meet local demand and still have surplus for export, which would help boost Nigeria’s foreign exchange earnings. It also called on fuel marketers to support the price reduction, emphasizing that the move is aimed at benefiting Nigerians.
According to the management, the price adjustment is intended to provide relief to Nigerians, especially with the approaching Ramadan season. It is also part of the company’s effort to support President Bola Ahmed Tinubu’s economic recovery policy by easing the financial strain on citizens.
This latest price cut is the second in February 2025, following a previous reduction of ₦60 earlier in the month. In December 2024, during the holiday season, the refinery also lowered the price of petrol by ₦70.50, reducing it from ₦970 to ₦899.50 per litre to help ease the cost of living for Nigerians.
