Dangote Petroleum Refinery has reduced its ex-depot petrol price to N825 per liter, marking the second price cut in February. The move aims to ease financial burdens, support economic recovery, and provide relief during Ramadan. Consumers in Lagos can now buy petrol at N860–N865 per liter.
Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), popularly known as petrol, to N825 per liter. This marks the second price cut in February and reflects the refinery’s commitment to easing the financial burden on Nigerians.
Esan Sunday, head of media relations and branding communications at Dangote Group, confirmed the price adjustment in a statement on Wednesday. The move comes just weeks after the refinery slashed the price from N950 to N890, representing a total reduction of N125 per liter since January.
The latest price adjustment is expected to bring down the retail price of petrol at filling stations in Lagos to between N860 and N865 per liter. According to Dangote Refinery, this decision aligns with President Bola Ahmed Tinubu’s economic recovery policies and is also aimed at providing relief to Nigerians during the Ramadan season.
“This recent price reduction will also ensure that Nigerians pay between N860 and N865 per liter for petrol at the pump in Lagos,” the statement read. “This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season while also supporting President Bola Ahmed Tinubu’s economic recovery policy.”
Dangote Refinery has consistently reduced fuel prices over the past months. In December 2024, the company lowered the PMS price by N70.50 per liter, from N970 to N899.50, to help ease the cost of living during the holiday season. Earlier this month, the refinery implemented a N60 price cut.
The company emphasized that its price reductions have had a positive impact on various sectors of the Nigerian economy, lowering overall living costs. Dangote Refinery also assured Nigerians of an uninterrupted supply of high-quality petroleum products, available through key partners such as MRS Holdings, AP (Ardova Petroleum), and Heyden.
The refinery further called on fuel marketers to support its price-cutting initiative to ensure that consumers benefit from the lower costs. Additionally, the company highlighted that its surplus production capacity allows it to meet domestic demand while also boosting Nigeria’s foreign exchange earnings through exports.
This latest move by Dangote Refinery is expected to shape fuel pricing trends in the coming months and could influence broader economic stability amid fluctuating global oil prices.
