Dangote Petroleum Refinery has announced a reduction in the ex-depot price of petrol, cutting it by N65 per litre from N890 to N825, effective February 27. It is the second price cut by the refinery in February, following an earlier reduction of N60 per litre.
The price adjustment comes as the naira continues to strengthen against the dollar, making crude oil relatively cheaper. Since coming on stream in 2024, the Dangote Refinery has periodically reduced fuel prices, a development welcomed by consumers grappling with high energy costs.
Fuel prices in Nigeria soared in mid-2023 after President Bola Tinubu removed the long-standing petrol subsidy, sending pump prices as high as N1,100 per litre.
While the entrance of the Dangote Refinery into the market has introduced an alternative supply source, fuel costs remain a significant burden on consumers. As of Wednesday, petrol prices at state-owned NNPC filling stations stand at N965 per litre.
In addition to the latest reduction, Dangote Refinery had also cut petrol prices in December 2024, reducing rates by N70.50 per litre during the festive period. The company says these adjustments are aimed at easing economic pressure on Nigerians and aligning with the federal government’s broader economic recovery efforts.
The refinery has assured the public of a steady supply of petrol and other refined products, with sufficient reserves to meet domestic demand and a surplus for export.
The latest price revision means consumers will pay varying rates across different regions and retail partners. At MRS Holdings stations, petrol will sell at N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
At AP (Ardova Petroleum) and Heyden stations, prices will be slightly higher, ranging from N865 per litre in Lagos to N895 per litre in the South-South and South-East.
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