Dangote Petroleum Refinery & Petrochemicals has announced that it will refund customers who purchase Premium Motor Spirit, PMS, at rates higher than the advertised prices from any of its key partners across Nigeria.

The move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.

The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.

In a statement issued over the weekend, the refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old price of N890 per litre, prior to the new rate of N825 per litre.

Dangote refinery also absorbed N16bn loss by refunding N65/litre to marketers so Nigerians will benefit from cheaper fuel.

The statement noted that the step which will be effective from February 27, 2025, guarantees that none of their business partners will experience a loss due to the price change. More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.

The refinery emphasised that this initiative extends beyond MRS Holdings, AP, and Heyden.

It urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level, encouraging a collective commitment to affordable, quality products.
Dangote also condemned any exploitation of the new pricing structure, saying it is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at a rate of N825 per litre and then sell to consumers at N945 or more per litre.

With the new gantry price set at N825 per litre, Dangote Refinery expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station. The refinery also underlined its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health.