Dangote Petroleum Refinery has announced plans to reimburse oil marketers who purchased Premium Motor Spirit (PMS), commonly known as petrol, at prices higher than the newly advertised rates. The refund initiative follows a recent reduction in the refinery’s ex-depot price of PMS to N825 per litre, down from the previous rate of N890 per litre.
In a statement released over the weekend, the refinery confirmed that its key partners—Ardova Plc (AP), Heyden, and MRS Oil—will facilitate the refund process across Nigeria. The refinery has pledged to absorb a N16 billion loss by refunding N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old price.
The new pricing, effective from February 27, 2025, is designed to ensure that no business partner incurs losses due to the price adjustment. More importantly, it aims to make cheaper petrol immediately available to Nigerians.
Ensuring Fair Pricing for Consumers
Dangote Refinery emphasized that oil marketers sourcing fuel from its partners must pass on the benefits of the reduced pricing to consumers at the retail level. The company condemned the practice of purchasing petrol at N825 per litre and selling it to consumers at N945 or higher, labeling it as unpatriotic and detrimental to the welfare of Nigerians.
“Excessive profiteering at the expense of the public is unacceptable,” the statement read. “Dangote Refinery is committed to providing high-quality, affordable fuel to Nigerians and is working closely with its partners to ensure this price reduction is effectively implemented.”
Refund Process and Approved Rates
Affected oil marketers are required to present their purchase receipts to Dangote Refinery for a full refund of the excess amount paid. The refinery also outlined the approved rates per litre for its partners:
- MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
- Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
With the new gantry price set at N825 per litre, Dangote Refinery has capped the maximum retail price of PMS at N900 per litre nationwide. The company also reaffirmed its commitment to supplying eco-friendly, high-quality petrol to support energy security and economic growth.
Aligning with National Goals
The refinery’s initiative aligns with President Bola Tinubu’s “Renewed Hope Agenda,” which prioritizes transparent pricing, quality products, and timely supply to drive economic development. By ensuring fair pricing and accessibility, Dangote Refinery aims to alleviate the financial burden on Nigerians while fostering a more sustainable energy sector.