By Stanley Onyeka, Lagos
Dangote Petroleum Refinery & Petrochemicals, yesterday, said it will absorb up to N16billion losses in the refund of N65/litre to marketers for the purchase of premium motor spirit (PMS) popularly called petrol, for Nigerians to benefit from cheaper fuel.
Accordingly, the Refinery confirmed it will refund N65/litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890/litre, prior to the new rate of N825/litre.
The Refinery also announced that it will refund customers who purchase petrol at rates higher than the advertised prices from any of its key partners – AP (Ardova Plc), Heyden, or MRS, across Nigeria, according to the company’s statement.
This move, it said, follows the Refinery’s recent reduction of its gantry price from N890 to N825/litre, in efforts to ensure that Nigerians are the primary beneficiaries of the price reduction, in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
“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,” the statement said.
Noting that this initiative extends beyond MRS Holdings, Ardova Plc (AP), and Heyden, the Refinery urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail end, while encouraging a collective commitment to affordable, quality products.
More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.
Consumer exploitation
Dangote Refinery also condemned any exploitation of the new pricing structure.
The statement continued: “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 in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make this price accessible.
“Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.”
The Refinery went further to list the approved rates per litre for petrol across regions:
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.
At N825/litre, the Refinery expects that no Nigerian will pay more than N900/litre for petrol, regardless of location or petrol station.
The Refinery also reiterated its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports 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,” it said.
It added that “This initiative is one of the 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.”
