Lagos Petrol Price Falls to N860 as Dangote Refinery Lowers Ex-Depot Rate to N825, Marking Second Price Cut in February and N125 Total Reduction in 26 Days
For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (PMS), cutting it from N890 to N825 per litre—a N65 per litre reduction. This follows an earlier N60 per litre decrease on February 1, bringing the total price drop to N125 per litre in 26 days.
A statement from the refinery, which has a 650,000 barrels-per-day capacity, confirmed that the new pricing takes effect from Thursday, February 27, aiming to ease financial pressure on Nigerians. The price cut aligns with President Bola Ahmed Tinubu’s economic recovery plans and is timed ahead of Ramadan to provide relief.
With this adjustment, pump prices in Lagos will range between N860 and N865 per litre, while prices across other regions will vary:
- MRS Holdings stations: Lagos – N860, South-West – N870, North – N880, South-South/South-East – N890
- AP (Ardova Petroleum) & Heyden stations: Lagos – N865, South-West – N875, North – N885, South-South/South-East – N895
The refinery, Africa’s first privately owned petroleum processing plant, reassured consumers of a steady fuel supply, with over 500 million litres of petrol in storage and surplus production for export. It urged petroleum marketers to pass on the benefits to Nigerians.
Dangote Refinery continues to play a pivotal role in stabilizing fuel supply and pricing, reinforcing Nigeria’s self-sufficiency in refined petroleum products while strengthening its position in the global oil market.
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, cutting it from N890 to N825 per litre—a N65 per litre reduction. This follows an earlier N60 per litre decrease on February 1, bringing the total price drop to N125 per litre in 26 days.){kind=link}