22
May
May
DANGOTE REFINERY REDUCES PETROL PRICE AGAIN, CUTS COST TO N875 PER LITRE IN LAGOS
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CapitalTimesNews / 1 week
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- 2 min read
The Dangote Petroleum Refinery & Petrochemicals has announced another price reduction for Premium Motor Spirit (PMS), bringing the new price to N875 per litre in Lagos. This latest price cut, which takes effect immediately, sets regional pricing at N885 per litre in the South West, N895 per litre in the North West and North Central, and N905 per litre in the South East, South South, and North East. The company said it is committed to ensuring Nigerians benefit directly from domestic refining. “We are committed to ensuring Nigerians benefit directly from domestic refining. This price reduction is another step towards that goal,” the company said in a statement. The revised rates are available through the refinery’s official distribution partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde Energy. The company has introduced multiple rounds of price reductions since beginning operations, including a N125 per litre reduction in February 2025 and an additional N45 reduction in April. “We want Nigerians to know that despite global oil market volatility, our prices will remain stable,” the company added. “By refining locally at the world’s largest single-train refinery, we are not only driving down costs but also strengthening Nigeria’s energy security and saving foreign exchange.” The company credited the federal government’s Naira-for-Crude Initiative for enabling the continued price drops. “We are grateful to His Excellency, President Bola Tinubu, for this visionary initiative, which has empowered us to consistently reduce the price of petroleum products to the benefit of all Nigerians,” it said. The refinery also reassured the public of ample supply, noting that reserves are sufficient to meet national demand and support exports that will boost foreign exchange earnings. In a separate development, Aliko Dangote, founder of the Dangote Refinery, was recognised in TIME Magazine’s inaugural TIME100 Philanthropy list for 2025, highlighting his foundation’s work and influence in philanthropy.