Dangote Refinery Slashes Petrol Price to ₦860/Litre in Lagos

Dangote Refinery has reduced the price of petrol to ₦860 per litre in Lagos, a move that could impact fuel costs nationwide. Read more on the development.

The management of Dangote Petroleum Refinery has announced a decrease in the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, from ₦890 to ₦825 per liter, starting on February 27th, 2025.

The refinery announced in a statement on Wednesday that the price had been reduced by ₦65.00.

The statement indicates that, under the new arrangement, buyers in Lagos will pay ₦860 per litre for fuel at MRS outlets.

The management announced that MRS Holdings stations will sell fuel at ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North, and ₦890 per litre in both the South-South and South-East regions.

The identical product will be offered at AP (Ardova Petroleum) and Heyden stations for the following prices: ₦865 per litre in Lagos, ₦875 per litre throughout the South-West, ₦885 per litre in the North, and ₦895 per litre within both the South-South and South-East regions.

The company guaranteed a steady supply of petroleum products, maintaining enough reserves to fulfill domestic needs and providing an excess for export to boost the country’s foreign exchange earnings.

It called on marketers to back this initiative, ensuring that Nigerians continue to be the main beneficiaries of these efforts.

The price adjustment was intended to offer vital relief to Nigerians ahead of the upcoming Ramadan season and support President Bola Ahmed Tinubu’s economic recovery policy by easing the financial burden on the Nigerian population.

Africa’s wealthiest individual, Dangote, has frequently lowered the prices of petrol and other refined petroleum products.

This recent adjustment marks the second time PMS prices have been reduced in February 2025, following an earlier decrease of N60.00 at the start of the month.

In December 2024, amidst the yuletide festivities, the refinery lowered the price of PMS by ₦70.50—from ₦970 to ₦899.50 per litre—as part of its commitment to alleviating living costs and offering relief to Nigerians during the holiday season.