Dangote Petroleum Refinery & Petrochemicals has introduced a refund program to compensate marketers who purchased Premium Motor Spirit (PMS) at the old price of ₦890 per litre, following the recent reduction to ₦825 per litre.
In a statement released over the weekend, the refinery announced that it would refund ₦65 per litre on over 200,000 metric tonnes of PMS bought by marketers before the price reduction, effective from February 27, 2025.
The initiative aims to protect its key distribution partners from financial losses caused by the price adjustment and to ensure that the lower price is immediately passed on to consumers across Nigeria.
The move reinforces Dangote Refinery’s commitment to transparent pricing and customer support, while ensuring Nigerians benefit from more affordable fuel prices.
The refinery confirmed it has absorbed a N16 billion loss by providing these refunds, emphasizing that the move aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
Dangote strongly condemned any exploitation of the new pricing structure by marketers. “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,” the statement declared.