The management of Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N890 to N825 per litre, effective from February 27, 2025.
The slash in price by N65.00 was announced in a statement on Wednesday by the refinery.
According to the statement, buyers in Lagos would purchase fuel at N860 per litre at MRS outlets under the new arrangement.
“For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively,” the management said.
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East.”
The company assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.
It urged marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
To the refinery, the price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season and also support the economic recovery policy of President Bola Ahmed Tinubu by alleviating the financial burden on the Nigerian populace.
Africa’s richest man Dangote has severally reduced the prices of petrol and other refined petroleum products.
The latest move is the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.
In December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.
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