Dangote Cuts Petrol Price Again by N65 as Marketers Raise Concerns
Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) by N65, bringing it down to N825 per litre. This marks its second price cut in February, following an earlier N60 reduction at the start of the month.
With this latest adjustment, the ex-depot price has dropped from N950 per litre in January to N825, totaling a reduction of N125 per litre within 26 days. The Independent Petroleum Marketers Association of Nigeria (IPMAN) welcomed the move, calling it a positive step for consumers and a boost for deregulation. However, the association also warned that the price cut could lead to financial losses for marketers who had bought fuel at higher prices before the adjustment.
Dangote Refinery stated that the price drop aims to provide relief to Nigerians, especially during Ramadan, while supporting President Bola Tinubu’s economic recovery policies. The refinery, which currently has 500 million litres of PMS in stock, assured Nigerians of a steady fuel supply and competitive pricing through its key distribution partners—MRS Holdings, AP (Ardova Petroleum), and Heyden.
According to the refinery, petrol will now be sold at N860 per litre in Lagos through MRS stations, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East regions. Prices at AP and Heyden outlets will range from N865 per litre in Lagos to N895 per litre in the South-South and South-East.
Dangote Industries reiterated its commitment to providing high-quality petroleum products and ensuring both domestic supply and exports, contributing to Nigeria’s foreign exchange earnings.
