This marks the second price reduction within the month, following a N60 decrease in the gantry price announced on February 1.
In a statement released on Wednesday, the refinery characterized the latest N65 price reduction as a strategic initiative aimed at providing economic relief to Nigerians in anticipation of the Ramadan season.
The refinery indicated that this price adjustment is expected to reduce transportation costs and alleviate the financial strain on households and businesses.
Additionally, it emphasized that the price cut reflects support for President Bola Tinubu’s economic reforms.
“This strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace,” the statement noted.
Variations in pump prices across states
The statement also highlighted that pump prices will differ among its partner retail outlets nationwide.
In Lagos, MRS Holdings stations will offer the product at N860 per litre, while AP (Ardova Petroleum) and Heyden stations will price it at N865. In the South-West, MRS will sell at N870, with AP (Ardova Petroleum) and Heyden stations at N875. In the North, MRS stations will sell at N880, while AP (Ardova Petroleum) and Heyden stations will charge N885. In the South-South and South-East regions, MRS stations will price it at N890, with AP (Ardova Petroleum) and Heyden stations at N895.
Dangote Petroleum Refinery reassured the public of a consistent fuel supply, stating that it has ample reserves to meet local demand while also maintaining surplus capacity for exports to enhance Nigeria’s foreign exchange earnings.
The company has called on petroleum marketers to endorse the price reduction initiative, highlighting the necessity for consumers to reap the full benefits of this adjustment.
“This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub,” it stated.
During the festive season in December 2024, Dangote refinery lowered PMS prices by N70.50, following a previous reduction of N60 in February. According to Nairametrics, the refinery holds millions of litres of PMS in reserve to satisfy local demand; however, petrol imports continue to occur.