Dangote Announces Plan To Refund Nigerians Buying Its Petrol at Higher Prices, Gives Condition
- The Dangote Refinery is set to refund Nigerians and marketers who purchased petrol at prices above its newly revised rates
- The refinery earlier reduced its ex-depot and retail prices, with petrol now available for purchase through Ardova Plc, Heyden, or MRS
- It has also warned against excessive profiteering, emphasising that no Nigerian should pay more than ₦900 per litre
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery has announced it will refund customers who purchased Premium Motor Spirit (PMS) also known as petrol at rates higher than its advertised prices from key distributors, following its recent price reduction.
The company stated that the refund applies to fuel purchased from its partners, including Ardova Plc, Heyden, and MRS filling stations throughout Nigeria.
Source: Getty Images
Dangote refinery recently reduced its ex-depot price for petrol from N890 per litre to N825 per litre.
The refinery also reduced retail petrol prices from its partners' filling stations from an average of N925 to N860.
According to Punch, the refinery stated in a statement on Sunday, March 2, that it plans to refund customers to ensure Nigerians benefit from the price reduction.
It added that the initiative also aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed at stimulating the economy.
The refinery also confirmed it would 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.
The statement reads:
“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"
Source: Getty Images
Condition to get a refund from Dangote refinery
The statement disclosed that the refinery is ready to absorb a N16bn loss by refunding N65/litre to marketers so that they can adjust their petrol pumps for Nigerians to buy cheaper fuel.
The statement added.
“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.
“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 (Ardova Plc (AP), Heyden, or MRS) anywhere in Nigeria are encouraged to report to Dangote refinery with their receipts for a full refund of the excess amount."
Dangote Refinery partners petrol prices
Legit.ng previously reported that Dangote refinery partnered with some filling stations to sell cheap petrol to Nigerians.
- MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
- Heyden and Ardova Plc: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
The company reiterated its commitment to high-quality, eco-friendly fuel and aligned the initiative with President Bola Tinubu’s Renewed Hope Agenda, which seeks to drive self-sufficiency in critical sectors, including energy.
The refinery stated.
“In this journey toward energy security, we stand united with the Nigerian people, always striving to provide lasting solutions."
NNPC adjusts fuel price
Legit.ng also reported that Nigerian National Petroleum Company Limited (NNPCL) retail stations recently announced a reduction of their petrol prices from N960 to N945 per litre in Lagos.
The price adjustment took effect on Thursday, February 13.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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