Customers who purchase Premium Motor Spirit, also known as gasoline, at prices greater than those offered by any of its major partners—AP (Ardova Plc), Heyden, or MRS—among Nigeria would receive a refund, according to a statement released by Dangote Petroleum Refinery & Petrochemicals.
This action comes after the refineries recently dropped the price of its product from N890 a litre to N825 per liter. The refinery said that this is in keeping with President Bola Tinubu’s Renewed Hope Agenda, which seeks to boost the economy, and is part of its continuous efforts to guarantee that Nigerians are the main recipients of the price decrease.
The refinery announced in a statement over the weekend that it will reimburse N65 per litre for the more than 200,000 metric tonnes of PMS that marketers had bought at the previous gantry price of N890 per litre, before the new rate of N825 per litre was implemented. In order for Nigerians to benefit from cheaper fuel, the Dangote refinery also absorbed a N16 billion loss by returning N65 per litre to merchants.
The action, which takes effect on February 27, 2025, ensures that the pricing change won’t result in a loss for any of our esteemed business partners. More importantly, it guarantees that the new, reduced rate is implemented immediately across the country for the benefit of Nigerians, according to the statement.
This approach is not limited to Heyden, Ardova Plc (AP), or MRS Holdings, the refinery emphasized. It encouraged a shared commitment to reasonably priced, high-quality items by urging other marketers that source stock from it to share the advantages of the new pricing with customers at the retail level.
Any abuse of the new pricing structure was also denounced by Dangote. Any party that buys at N825 per litre and then sells to customers for N945 or more per litre is being unpatriotic and harmful to the welfare of Nigerians. Nigerians are further burdened for their own benefit by this undue profiteering,” the statement continued.
“Dangote Refinery is collaborating with its partners to make this price accessible in an attempt to guarantee high-quality and reasonably priced fuel for Nigerians.” Customers are invited to bring their receipts to Dangote Refinery in order to receive a complete refund of any excess fuel they have purchased at any of its major partners, Heyden, MRS, or AP (Ardova Plc), anywhere in Nigeria, above the quoted rate.
The following are the authorized rates per litre: 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.
Dangote Refinery anticipates that no Nigerian, regardless of location or gas station, will pay more over N900 per litre for PMS as the new gantry price is fixed at N825 per litre. The refinery also reaffirmed its dedication to offering premium, environmentally sustainable fuel that enhances vehicle performance and promotes public health.
Our dedication supports self-sufficiency in vital areas like energy, which is in line with President Bola Tinubu’s Renewed Hope Agenda goals. We’re still committed to helping Nigeria’s economy flourish and making sure all Nigerians have access to reasonably priced, superior energy options,” the company stated.
“This initiative is just one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country,” the refinery concluded. We stand with the Nigerian people in this quest for energy security, constantly working to offer long-term fixes and a brighter future for everybody.
