The Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦890 to ₦825 per litre. This ₦65 price cut, effective from Thursday, February 27, 2025, marks the second reduction in February 2025, following an earlier ₦60 decrease at the beginning of the month.
The refinery stated that this strategic price adjustment aims to provide essential relief to Nigerians, particularly in anticipation of the upcoming Ramadan season, and to support President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the populace.
With this reduction, the ex-depot price has decreased from ₦950 per litre in January to ₦825 per litre, reflecting a total reduction of ₦125 per litre within 26 days.
Retail prices at partner stations are expected to adjust accordingly. For instance, MRS Holdings stations will sell petrol at ₦860 per litre in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East regions. Similarly, AP (Ardova Petroleum) and Heyden stations will offer the product at ₦865 per litre in Lagos, ₦875 in the South-West, ₦885 in the North, and ₦895 in the South-South and South-East.
The Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby enhancing the country’s foreign exchange earnings.
This move is part of the broader economic recovery plan led by President Tinubu, aiming to make Nigeria self-sufficient in refined petroleum products and establish the country as a leading oil export hub.
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