Lagos – Dangote Petroleum Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the cost by N65 per litre from N890 to N825. The price adjustment, effective February 27, 2025, is aimed at alleviating financial pressure on Nigerians ahead of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policies.

This marks the second price cut in February 2025, following an earlier N60 reduction earlier in the month. It also follows a pattern of strategic price adjustments, including a December 2024 reduction of N70.50, which lowered petrol prices from N970 to N899.50 per litre during the yuletide season. These reductions have played a crucial role in stabilizing fuel prices and preventing the usual scarcity and price surges during festive periods.

Consumers can purchase the newly priced petrol at varying rates across different retail outlets. At MRS Holdings stations, the fuel will sell for N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East. At Ardova Petroleum (AP) and Heyden stations, the prices will be N865 per litre in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.

Dangote Refinery has assured the public that there is a sufficient supply of petroleum products to meet domestic demand, with reserves strong enough to support exports and boost Nigeria’s foreign exchange earnings. The company has also called on marketers to maintain fair pricing, ensuring Nigerians fully benefit from these reductions.

As part of a broader effort to make Nigeria self-sufficient in refined petroleum products, this move reinforces the country’s position as a growing hub for oil exports and aligns with the government’s vision for economic stability and growth.