Dangote Petroleum Refinery & Petrochemicals has declared that it will reimburse consumers who buy Premium Motor Spirit, also known as gasoline, from any of its major partners in Nigeria—AP (Ardova Plc), Heyden, or MRS—at prices higher than those that are quoted.
This action comes after the refineries recently lowered the price of its product from N890 a litre to N825 per liter. “This is in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy, and part of our ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction,” the refinery said.
Prior to the new rate of N825 per litre, marketers had bought almost 200,000 metric tons of PMS at the previous gantry price of N890 per litre. The refinery confirmed in a statement released over the weekend that it will reimburse N65 per litre for these purchases. The Dangote refinery also recovered N16 billion in losses by giving traders a rebate of N65 per liter so that Nigerians may take advantage of cheaper fuel.
The action ensures that none of our esteemed business partners will suffer a loss as a result of the pricing adjustment, and it will take effect on February 27, 2025. For the advantage of Nigerians, it guarantees that the new, reduced rate is implemented immediately across the country, which is more significant, the statement stated.
The refinery emphasized that this program is not limited to Heyden, Ardova Plc (AP), or MRS Holdings. It encouraged other marketers that source stock from it to share the advantages of the new pricing with retail customers, fostering a shared dedication to reasonably priced, high-quality goods.
Dangote denounced any abuse of the new pricing system as well. For any party to buy for N825 per litre and then sell to customers at N945 or more per litre is both unpatriotic and harmful to Nigerians’ well-being. Nigerians are being further burdened for personal benefit by this undue profiteering, the statement continued.
In an attempt to provide Nigerians with high-quality and reasonably priced fuel, Dangote Refinery is collaborating with its partners to lower this price. Customers who buy fuel at any of its major partners, Heyden, MRS, or AP (Ardova Plc), anywhere in Nigeria, in excess of the quoted price are urged to bring their receipts to Dangote Refinery so they can receive a complete refund.
Read Also: CBN Reinforces Compliance to Strengthen Nigeria’s Financial System
These are the authorized prices per liter: The MRS is N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP are N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
Regardless of location or gas station, Dangote Refinery anticipates that no Nigerian will spend more than N900 per litre for PMS with the new gantry price fixed at N825 per litre. The refinery also emphasized its dedication to offering premium, environmentally sustainable fuel that enhances vehicle performance and promotes public health.
The goals of President Bola Tinubu’s Renewed Hope Agenda, which promotes self-sufficiency in vital areas like energy, are in line with our mission. The refinery stated, “We are committed to helping Nigeria’s economy flourish and making sure all Nigerians have access to reasonably priced, superior energy solutions.”
“Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country in a number of ways,” the refinery concluded. Together with the Nigerian people, we are on this path to energy security, constantly working to offer long-term fixes and a brighter future for everybody.
