In a move aimed at easing the burden on consumers, the Dangote Petroleum Refinery & Petrochemicals has announced another N15 reduction in the price of Premium Motor Spirit (PMS), bringing the new price to N875 per litre in Lagos.
This latest price cut, which takes effect immediately, sets regional pricing at N885 per litre in the South West, N895 per litre in the North West and North Central, and N905 per litre in the South East, South South, and North East. The revised rates are available through the refinery’s official distribution partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde Energy.
“We are committed to ensuring Nigerians benefit directly from domestic refining. This price reduction is another step towards that goal,” the company said in a statement. “Our consistent price drops reflect our determination to support President Bola Tinubu’s Nigeria First policy, which prioritises local production and economic self-reliance.”
Since beginning operations, the Dangote Refinery has introduced multiple rounds of price reductions. In February 2025 alone, petrol prices were slashed by a total of N125 per litre, followed by an additional N45 reduction in April. The company has also implemented lower prices for diesel and liquefied petroleum gas (LPG), positively impacting transportation, manufacturing, and household energy costs.
“We want Nigerians to know that despite global oil market volatility, our prices will remain stable,” the company added. “By refining locally at the world’s largest single-train refinery, we are not only driving down costs but also strengthening Nigeria’s energy security and saving foreign exchange.”
The company credited the federal government’s Naira-for-Crude Initiative for enabling the continued price drops. “We are grateful to His Excellency, President Bola Tinubu, for this visionary initiative, which has empowered us to consistently reduce the price of petroleum products to the benefit of all Nigerians,” it said.
The refinery also reassured the public of ample supply, noting that reserves are sufficient to meet national demand and support exports that will boost foreign exchange earnings.
Meanwhile, Aliko Dangote, founder of the Dangote Refinery, was recognised this week in TIME Magazine’s inaugural TIME100 Philanthropy list for 2025. The list highlights 100 of the world’s most influential philanthropic figures. Dangote was lauded for his foundation’s work, which spends an average of $35 million annually on initiatives across Africa, joining global titans such as Oprah Winfrey, Michael Bloomberg, Warren Buffett, and Melinda Gates.
