Month: February 2025

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025.

This strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.

Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season. This reduction has positively impacted the overall cost of living, benefiting various sectors of the economy, and has also ensured that Nigerians did not experience the perennial fuel scarcity and price hikes typically associated with the yuletide season.

Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets. For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.
The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.

Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings. The company calls on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort. This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub.

Management
26th February, 2025

…As Zambia seeks Dangote investment in its energy sector

President of Dangote Industries Limited (DIL), Aliko Dangote has revealed that his company – the Dangote Petroleum Refinery – has enough Premium Motor Spirit (PMS otherwise known as petrol) in storage to sufficiently meet the local needs of Nigeria.

Speaking at the weekend, Dangote disclosed that the oil refinery has “more than half a billion litres of petroleum and over 600 billion Naira worth of products in its tanks.

Dangote said, “…as we speak right now we have more than half a billion litres. The Refinery is producing enough refined products, like gasoline, diesel, and kerosene, to meet 100 per cent of Nigeria’s requirements.

Speaking after a tour of the Refinery complex by a Zambia Government delegation, led by the country’s Minister of Energy, Mr. Makozo Chikote, Dangote stated that the refinery project, like other projects in the past, is not for Nigeria alone.

“This refinery is not only for Nigeria; it is for Africa. We must sustain the African Continental Free Trade Area (AfCFTA) deal. We are trying to see how we trade with other African countries.

The Zambian Minister of Energy said his takeaway from the Dangote Refinery working visit was that the President, Aliko Dangote, is truly focused on the bigger picture for Africa.

Chikote, who led a delegation of energy experts to the Dangote Petroleum Refinery to partner Zambia on energy solutions, expressed satisfaction and readiness to work with the African manufacturing giant.

After a tour of the Dangote complex at the Free Trade Zone, Ibeju Lekki, starting from the Single Point Mooring to the Dangote Jetty, the biggest fertiliser plant in Africa and the 650,000bpd largest single-train refinery in the world, the Minister enthused that the presentation by the Vice President, Oil and Gas of Dangote Industries Limited, Mr. Edwin Devakumar, made their hearts “jump”. He stated that the presentation speaks to the challenges of his country, Zambia.

The energy minister added, “In Zambia, we created an environment for the private sector to participate in the growth and development of our country. Currently, 100 per cent of our petroleum is done by the private sector.

“We are targeting increased productivity in mining, agriculture, and other sectors. Your presentation is an immediate solution to our energy needs. We are trying to promote competition among our private players.

“We are looking at Dangote coming on board, which would lead to efficient, reliable, quality, and competitive products, and we want these done like yesterday.”

“Coming to the Dangote Petroleum Refinery, we have learned so many advantages of bringing many players for competition, which has improved the lives of the citizens.”

According to him: “From what we have seen, we need to promote trade within Africa to promote each other. We need these countries together to make Africa efficient, and a reliable trade hub.

“We have seen here that we can learn from what Dangote has done, and this would lead Africa and Africans to stand on their feet and not depend on overseas support in terms of trade. I believe going forward that people have learned a few lessons. The one lesson I have learned from this visit is that Dangote looks at the bigger picture for Africa.”

Another member of the Zambia delegation, Samuel Maimbo, the Vice President of Budget, Performance Review, and Strategic Planning at the World Bank Group, presently campaigning for the presidency of the African Development Bank (AfDB), explained that there is not enough development aid to develop Africa.

“There is also not enough government funding to develop Africa. The only way we can finance Africa’s growth at a pace and scale that solves our problem is by working through the private sector, which is why we are here today, to learn and to see what an ambitious programme looks like,” he stated.

He added that it is only the private sector that can help develop the continent of Africa.

The Vice President of Dangote Industries Limited, Edwin Devakumar stated that the Refinery produces the best quality products as its core business strategy.

“The project concept was to process the crude from Nigeria and add value. But we also wanted to provide some flexibility to process most of the African crudes and some of the Middle Eastern crudes,” Edwin said.

He added “In another concept, what we did was maximum value extraction. That is a process where every barrel of crude which goes in, the value addition should be the best.”

According to Edwin, “the Refinery can meet all our requirements. 44 per cent can meet the entire requirements of Nigeria, and 56 per cent of the production would be exported. Every day, we produce lighter products of 104 million litres; 57 million litres of petrol every day; 20 million litres of jet fuel; and 27 million litres of diesel production.

“The local consumption is just around 46 million litres, and the remaining 58 million litres will be exported daily,” he added.

Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.

This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices. As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.

Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace. This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.