Dangote Petroleum Refinery has again reduced the ex-depot price of premium motor spirit (petrol), cutting the price from N890 to N825 per litre.
This marks the second reduction in February, following a previous N60 per litre decrease on February 1.
The latest adjustment brings the total price drop to N125 per litre from January’s N950, achieved within a span of just 26 days.
As stated by the refinery, the new price will result in petrol costs ranging between N860 and N865 per litre at pumps in Lagos.
The reduction, effective from Thursday, February 27, is aimed at providing financial relief to Nigerians, particularly as the Ramadan season approaches.
The refinery, Africa’s first privately owned petroleum processing plant with a capacity of 650,000 barrels per day, explained that the price cut aligns with President Bola Ahmed Tinubu’s economic recovery goals.
It also emphasized the refinery’s ongoing commitment to lowering fuel prices to ease the financial strain on consumers.
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Earlier price cuts, including a N70.50 reduction in December 2024, have already had a positive impact on the economy, ensuring a stable supply of petrol and preventing typical price hikes and shortages during the festive season.
Dangote Refinery assures the public that its high-quality fuel will remain available at competitive rates through its distribution partners—MRS Holdings, AP (Ardova Petroleum), and Heyden. The new pump prices at partner stations are as follows:
– MRS Holdings stations:
– Lagos: N860 per litre
– South-West: N870 per litre
– North: N880 per litre
– South-South/South-East: N890 per litre
– AP (Ardova Petroleum) & Heyden stations:
– Lagos: N865 per litre
– South-West: N875 per litre
– North: N885 per litre
– South-South/South-East: N895 per litre
The refinery further reassured Nigerians of a steady supply of petrol, with over 500 million litres in storage, enough to meet the country’s fuel demand for several days.
With a refining capacity that exceeds Nigeria’s average daily consumption, Dangote Petroleum Refinery continues to support the country’s fuel needs and foreign exchange earnings through exports.
In its statement, the refinery urged petroleum marketers to support its price reduction efforts, ensuring that Nigerians fully benefit from the initiative.
This strategic move is seen as part of President Tinubu’s vision to make Nigeria self-sufficient in refined petroleum products and strengthen its position in the global oil market.
Crediblenewsng.com
