Dangote Refinery Absorbs N16bn Loss For Public Benefit, To Refund Customers Overpriced PMS Purchases

… Committed To Fair Pricing, Consumer Protection

BY ABU-SATAR HAMED

LAGOS, NIGERIA – Dangote Petroleum Refinery & Petrochemicals has announced that it will refund customers who purchase Premium Motor Spirit (PMS) above the advertised rates from its key distribution partners – AP (Ardova Plc), Heyden, or MRS – across Nigeria.

This initiative follows the refinery’s recent decision to reduce its gantry price from N890 per litre to N825 per litre. The move aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to stimulate the economy and provide relief to Nigerians through affordable fuel prices.

In a statement issued over the weekend, Dangote Refinery confirmed that it would refund N65 per litre on over 200,000 metric tonnes of PMS purchased at the previous price of N890 per litre before the price adjustment.

This decision translates to the company absorbing a N16 billion loss to ensure that Nigerians benefit directly from the reduction.

Dangote Refinery reaffirmed its commitment to providing good quality and affordable petroleum products, ensuring that customers get fair pricing and value.

The company also urged Nigerians to patronize authorized dealers to take full advantage of the revised pricing structure.

“The step, effective February 27, 2025, guarantees that none of our valued 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 statement said.

The refinery emphasised that this initiative extends beyond MRS Holdings, Ardova Plc (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. “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. This constitutes excessive profiteering, further burdening Nigerians for personal gain”, the statement added.

Dangote Refinery in its effort to ensure good quality and affordable fuel for Nigerians is working with its partners to make this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.

The approved rates per litre 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.

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.

“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions”, the refinery said.

Dangote Refinery posited, “This initiative is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country. In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions and a more prosperous future for all.”