Fuel Prices Drop as Dangote Refinery Announces New Rate of ₦860 Per Litre
The management of 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, effective from 27 February 2025.
The ₦65 per litre price reduction was confirmed in a statement issued by the refinery on Wednesday.
According to the statement, consumers in Lagos will now purchase petrol at ₦860 per litre at MRS outlets under the new pricing structure.
“At MRS Holdings stations, the price will be ₦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,” the management stated.
“Similarly, at AP (Ardova Petroleum) and Heyden stations, the product will be available at ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East.”
The company reassured the public of a steady supply of petroleum products, stating that it has adequate reserves to meet domestic demand while also ensuring surplus availability for export, which would contribute to boosting Nigeria’s foreign exchange earnings.
It called on marketers to support the initiative to ensure that Nigerians benefit fully from this development.
The refinery explained that the price adjustment aims to provide financial relief to Nigerians ahead of the Ramadan season and to support President Bola Ahmed Tinubu’s economic recovery agenda by alleviating the financial burden on citizens.
Africa’s richest man, Aliko Dangote, has previously implemented multiple price reductions on petrol and other refined petroleum products. The latest reduction marks the second time the refinery has lowered the price of PMS in February 2025, following a ₦60 per litre decrease earlier in the month.
In December 2024, during the yuletide season, the refinery cut the price of PMS by ₦70.50 per litre, from ₦970 to ₦899.50, as part of its commitment to easing the cost of living and providing relief to Nigerians during the festive period.
