Dangote Refinery to refund N65/litre to marketers, absorb N16bn loss PMS loss

Dangote Petroleum Refinery & Petrochemicals has announced that it will absorb a ₦16 billion loss by refunding ₦65 per litre to marketers, ensuring Nigerians benefit from reduced fuel prices.

In a statement issued over the weekend, the refinery said it would compensate customers who purchased Premium Motor Spirit (PMS) at rates higher than the new prices from any of its key partners AP (Ardova Plc), Heyden, or MRS nationwide.

This follows the refinery’s recent decision to lower its gantry price from ₦890 per litre to ₦825 per litre. Dangote Refinery stated that this move aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed at stimulating the economy and reducing costs for Nigerians.

The refinery confirmed that it will refund ₦65 per litre on the over 200,000 metric tonnes of PMS purchased at the old gantry price of ₦890 per litre before the new rate took effect on February 27, 2025.

“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 read.

The refinery emphasized that this initiative extends beyond MRS Holdings, Ardova Plc (AP), and Heyden. It urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level.

Dangote also condemned any exploitation of the new pricing structure. “It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of ₦825 per litre and then sell to consumers at ₦945 or more per litre. This constitutes excessive profiteering, further burdening Nigerians for personal gain,” the statement warned.

Consumers who purchase fuel above the advertised rates at AP, Heyden, or MRS stations are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.

The approved pump prices per litre are:

MRS: ₦860 in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East.

Heyden and AP: ₦865 in Lagos, ₦875 in the South-West, ₦885 in the North, and ₦895 in the South-South and South-East.

With the new gantry price at ₦825 per litre, Dangote Refinery expects that no Nigerian should pay more than ₦900 per litre for PMS, regardless of location or petrol station.

The refinery also reaffirmed its commitment to providing high-quality, eco-friendly fuel that enhances vehicle performance and supports public health.

“Our commitment aligns with 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,” the statement added.

Dangote Refinery concluded by stating that this initiative is part of its long-term vision to contribute to a prosperous and sustainable future for Nigeria.