Dangote Petroleum Refinery on Sunday promised to refund oil marketers who bought petrol at higher rates before the recent price slash.
The refinery in a statement pledged to absorb a staggering ₦16 billion loss by refunding ₦65 per litre on over 200,000 metric tonnes of Premium Motor Spirit (PMS) purchased at the old rate of ₦890 per litre.
This comes after the company announced a price reduction to ₦825 per litre on February 26.
But this isn’t just about numbers; it’s about people. The move guarantees that no business partner suffers a loss and ensures Nigerians immediately benefit from cheaper petrol.
For many Nigerians already grappling with economic strain, the price cut couldn’t have come at a better time. Fuel costs directly impact transportation, food prices, and the overall cost of living. By slashing the ex-depot price and taking on the financial hit, Dangote Refinery is making a bold statement: profit should not come at the expense of the people’s welfare.
“Effective February 27, this step ensures that none of our valued business partners will experience a loss due to the price change,” the statement read. “More importantly, it ensures the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.”
The refinery’s key partners — AP (Ardova Plc), Heyden, and MRS Oil — were identified as distributors expected to pass these savings down the supply chain. But Dangote issued a stern warning: any attempt to exploit the situation by maintaining inflated retail prices would be considered “excessive profiteering”.
“It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at ₦825 per litre and then sell to consumers at ₦945 or more per litre,” the company warned.
To ensure fairness, the refinery urged marketers who had already purchased at the higher rate to report to Dangote with their receipts for a full refund of the excess amount.
New approved rates for key partners were also detailed:
- MRS: ₦860 in Lagos, ₦870 in the South-West, ₦880 in the North, ₦890 in the South-South and South-East
- Heyden & AP: ₦865 in Lagos, ₦875 in the South-West, ₦885 in the North, ₦895 in the South-South and South-East
With the new gantry price of ₦825 per litre, Dangote capped the nationwide retail price at a maximum of ₦900 per litre, while promising high-quality, eco-friendly petrol and a commitment to transparent pricing and timely supply.
Source: Ripples