Dangote Petroleum Refinery & Petrochemicals has announced it will absorb a N16 billion loss by refunding N65 per litre to marketers to ensure Nigerians benefit from cheaper fuel.
The refund will apply to Premium Motor Spirit (PMS) purchased at higher prices from key partners like AP (Ardova Plc), Heyden, and MRS across Nigeria.
In a statement released over the weekend, the refinery disclosed that it had recently lowered its gantry price from N890 per litre to N825 per litre.
This price reduction is aimed at making fuel more affordable for Nigerians and is in line with President Bola Tinubu’s Renewed Hope Agenda, which seeks to stimulate the economy.
The refinery will refund N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old rate of N890 per litre, before the new price came into effect.
This move which took effect from February 27, 2025, is designed to ensure that none of Dangote’s business partners incur a loss due to the price change.
“This step guarantees that the lower rate takes immediate effect nationwide for the benefit of Nigerians,” the statement read.
Dangote Refinery also called on other marketers sourcing stock from it to ensure that the benefits of the new pricing structure are passed on to consumers at the retail level, fostering a collective commitment to providing affordable, quality fuel.
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The refinery emphasized its commitment to curbing exploitation of the new pricing structure.
It condemned any attempts to sell fuel above the advertised prices, which it described as excessive profiteering. Dangote stated that selling fuel above N945 per litre would further burden Nigerians and harm their welfare.
Consumers who purchase fuel above the approved rates from any of Dangote’s partners—MRS, Heyden, or AP—are encouraged to report to the refinery with their receipts to receive a full refund.
The approved rates are as follows:
– 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.
Dangote expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location. The refinery also reiterated its commitment to providing high-quality, eco-friendly fuel that enhances vehicle performance and public health.
“This initiative supports President Bola Tinubu’s Renewed Hope Agenda and aligns with our goal to ensure self-sufficiency in critical sectors like energy,” the statement concluded. “We remain dedicated to Nigeria’s economic growth, delivering affordable, high-quality energy solutions to all Nigerians.”
Dangote Refinery emphasized that this move is one of many steps the company is taking toward ensuring energy security and a prosperous future for the country.
Crediblenewsng.com
