For the second time this month, Dangote Petroleum Refinery has slashed the price of petrol, reducing the ex-depot rate from N890 to N825 per litre—a N65 drop aimed at easing the financial burden on Nigerians.
This latest reduction follows an earlier N60 price cut on February 1, bringing the total decrease to N125 per litre in just 26 days. With this adjustment, petrol prices at the pump in Lagos will now range between N860 and N865 per litre.
Price Cuts to Ease Economic Pressure
The refinery, Africa’s largest privately owned petroleum plant, announced that the price adjustment takes effect from Thursday, February 27, emphasizing its commitment to stabilizing fuel costs.
“This move is designed to provide economic relief, especially as Nigerians prepare for the Ramadan season, while supporting President Bola Ahmed Tinubu’s economic recovery efforts,” the company stated.
Dangote Refinery has consistently lowered fuel prices in recent months to cushion the effects of inflation. In December 2024, during the festive season, it cut petrol prices by N70.50 per litre, helping to prevent the usual fuel scarcity and price hikes during that period.
Stable Supply and Competitive Pricing
The refinery assured Nigerians of adequate fuel reserves, with over 500 million litres of petrol in storage—enough to meet domestic demand for several days. The company also highlighted its 650,000 barrels-per-day refining capacity, which exceeds Nigeria’s daily consumption of 385,000 barrels.
Petrol prices at major filling stations will now be:
MRS Holdings stations:
- Lagos – N860 per litre
- South-West – N870 per litre
- North – N880 per litre
- South-South/South-East – N890 per litre
AP (Ardova Petroleum) & Heyden stations:
- Lagos – N865 per litre
- South-West – N875 per litre
- North – N885 per litre
- South-South/South-East – N895 per litre
The refinery urged petroleum marketers to fully implement the price reduction to ensure Nigerians benefit from the cost relief.
Nigeria’s Growing Influence in Global Oil Markets
Beyond local supply, Dangote Refinery has been expanding its export footprint, recently supplying jet fuel to Saudi Arabia and refined petroleum products to Europe, America, and Asia.
“This initiative aligns with President Tinubu’s vision to make Nigeria self-sufficient in refined petroleum products and a key player in the global oil market,” the refinery added.
With prices steadily declining, many Nigerians hope that fuel affordability will continue improving, easing transportation and business costs nationwide.
