Dangote Petroleum Refinery has announced a major reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, bringing it down to ₦825 per litre, effective from February 27, 2025. The decision to lower the price by ₦65, from ₦890 per litre, comes as part of the company’s efforts to provide relief to Nigerians, especially in anticipation of the upcoming Ramadan season.
This price reduction is seen as a key move to support President Bola Ahmed Tinubu’s economic recovery policy, aimed at easing the financial burden on Nigerians struggling with high living costs. Dangote Petroleum has previously made similar moves, further reinforcing the company’s commitment to alleviating the challenges faced by many Nigerians due to rising fuel costs.
The latest reduction marks the second time in February 2025 that Dangote Petroleum has slashed the price of petrol. Earlier in the month, the company had cut the price by ₦60, further helping to reduce the cost of fuel in a time when many Nigerians are feeling the pinch of increasing prices in other sectors. This decision follows a similar price drop in December 2024, when Dangote reduced the price by ₦70.50 per litre, dropping it from ₦970 to ₦899.50, just ahead of the Christmas holidays.
The refinery’s efforts to lower petrol prices have drawn attention as they come at a time when Nigeria continues to face high fuel prices. This has been a significant issue for many Nigerians, especially as fuel is a key input in the cost of transportation, goods, and services across the country. The recent price cuts from Dangote Petroleum provide a glimmer of hope for citizens who have long struggled with the financial pressures of expensive fuel.
According to Dangote Petroleum’s management, the price reductions will be available across all its retail partners, with varying prices depending on the region. For example, customers purchasing petrol from MRS Holdings stations in Lagos will pay ₦860 per litre, while those in the South-West region will pay ₦870 per litre. In the Northern region, the price will be ₦880 per litre, and in the South-South and South-East, it will be ₦890 per litre.
Similarly, customers buying from Ardova Petroleum (AP) and Heyden stations will pay slightly different prices depending on their location. In Lagos, the price will be ₦865 per litre, in the South-West ₦875, and in the North ₦885 per litre. In the South-South and South-East, the price will be ₦895 per litre.
The new pricing structure is expected to make fuel more affordable for Nigerians, especially in urban and rural areas where transportation costs are often a heavy burden on households. The decision also aligns with the government’s broader objectives of easing the economic challenges faced by Nigerians, particularly as the country continues to recover from various economic setbacks in recent years.
Dangote Petroleum’s commitment to consistent supply was also highlighted in the announcement. The company assured the public that it has sufficient reserves to meet domestic demand for petroleum products. In addition, Dangote Petroleum plans to continue exporting fuel, which will boost the country’s foreign exchange earnings and contribute to the national economy.
While Dangote’s price cuts have been welcomed by many, industry experts have urged that such efforts be supported by other key players in the Nigerian petroleum sector. The company’s initiative, they say, should encourage other marketers and oil companies to also reduce their prices in a bid to make petrol more affordable for Nigerians across the country.
The price of petrol has long been a contentious issue in Nigeria. As one of the largest oil producers in the world, the country has faced criticism for the high cost of fuel despite having abundant reserves. Petrol price hikes have sparked protests, labor strikes, and public outcry in the past, as Nigerians have had to cope with the rising costs of transportation, food, and other essential services.
Historically, petrol price increases have been linked to changes in global oil prices, fluctuations in the value of the Nigerian naira, and the government’s policies on subsidies and deregulation. In recent years, however, Nigerians have felt the effects of rising fuel costs more acutely, as inflation and other economic challenges have squeezed household budgets.
In light of this, Dangote Petroleum’s price reduction is seen by many as a welcome relief for Nigerian consumers. With Ramadan approaching, a time when many families traditionally face additional financial strain due to religious observances and festivities, the price cuts are expected to ease some of the pressures associated with travel, transportation, and daily expenses.
For President Bola Tinubu’s government, the price reductions also reflect a step toward fulfilling promises made during the campaign to improve the living conditions of Nigerians. Despite the challenges posed by the broader economic landscape, including fluctuating oil prices and the ongoing need for economic reforms, the price reduction is a symbolic gesture of support for the people.
Many Nigerians have expressed their appreciation for the move, noting that such actions by major players like Dangote Petroleum are crucial in mitigating the hardships caused by high petrol prices. However, some remain skeptical, questioning whether the price cuts will have a lasting impact or if they will be reversed in the future.
