Dangote Petroleum Refinery, Africa’s largest refinery and Petrochemicals Company, has reduced petrol prices for the second time in February. The price of Premium Spirit, commonly known as petrol, has been cut from N890 per litre to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1.
The ex-depot price has decreased from N950 per litre in January to the current price of N825 per litre, representing a 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.
According to a statement by Dangote Petroleum Refinery, the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians. The refinery stated that this strategic price adjustment is designed to provide relief to Nigerians during the Ramadan season, while supporting President Bola Ahmed Tinubu’s economic recovery policy.
Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to benefit Nigerians. In December 2024, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.
The refinery’s previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.
Dangote reiterated that its high-quality products will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates. The refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export.
The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
This collective action will contribute to the broader economic recovery plan led by President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
Source: https://energynewsafrica.com
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