Dangote Petroleum Refinery & Petrochemicals has announced a significant initiative to mitigate potential losses incurred by marketers due to recent price adjustments, reinforcing its commitment to ensuring affordable fuel for Nigerians. The refinery will refund N65 per litre to marketers who purchased Premium Motor Spirit (PMS) at rates higher than the newly advertised prices from key partners such as AP (Ardova Plc), Heyden, or MRS, across Nigeria. This decision follows the refinery's reduction of its gantry price from N890 per litre to N825 per litre.

According to a statement released over the weekend, this move aims to ensure that Nigerians are the primary beneficiaries of the price reduction, aligning with President Bola Tinubu’s Renewed Hope Agenda, which seeks to stimulate the economy. The refinery confirmed that it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre before the new rate of N825 per litre took effect.

"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 noted.

The refinery emphasized that this initiative extends beyond MRS Holdings, Ardova Plc (AP), and Heyden. It has 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 is collaborating with its partners to ensure good quality and affordable fuel for Nigerians, making the new 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 stated.

In related news, the Dangote Petroleum Refinery has received one million barrels of crude oil from Algeria. According to a report by Augus Media, the refinery bought the crude cargo from Glencore trading firm in February, with delivery expected between March 15 and March 20. While the deal was not directly confirmed by either party, a trader noted that Saharan blend’s quality is suitable for the Dangote refinery and is competitively priced compared to Nigerian grades.

Vortexa data indicates that nearly 420,000 b/d of crude has been delivered to Lekki for Dangote so far this year, with about 82% made up of light sweet grades and Nigerian crude accounting for 87% of all arrivals. The March-loading trade cycle for Saharan Blend was initially slow due to sluggish demand in Europe, but sellers have since looked to alternative outlets.

Additionally, Dangote refinery was expected to receive up to 12 million barrels of crude oil from the United States in February. This comes amid the refinery’s efforts to ramp up production, having received about 24 million barrels of Nigerian supply in October and November of the previous year. Edwin Devakumar, vice-president of Dangote Industries Limited (DIL), stated on February 10 that the refinery could begin operating at full capacity within 30 days. Aliko Dangote, chairman of DIL, has also assured Nigerians that his refinery has over N600 billion worth of premium motor spirit (PMS) in storage, sufficient to meet Nigeria’s needs.

Dangote Refinery concluded, "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."