Dangote Refinery Refunds Customers, Losses 16 Billion Over New Pump Price

The Dangote Petroleum Refinery has announced it will refund customers who have paid more than the advertised price for Premium Motor Spirit (PMS), commonly known as petrol. The move follows a recent reduction in the ex-depot price of petrol by N65 per litre.

The refinery’s decision comes after a second price cut in February 2025, reducing the price of petrol from N890 to N825 per litre. This reduction follows a previous N60 per litre cut on February 1. However, some marketers had already purchased fuel at the higher price and were yet to sell their stock.

In response, Dangote Refinery on Monday, March 3 instructed marketers to sell their remaining stock at the new price of N825 per litre and, to cover the difference, the company will refund N65 per litre on over 200,000 metric tonnes of petrol purchased at the old price.

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The refund initiative will apply to key partners of Dangote Refinery, including Ardova Plc, Heyden, and MRS, as well as other marketers sourcing fuel from the facility.

The company also cautioned against profiteering, stressing that any attempts to sell petrol above the approved prices would be considered exploitative.

Marketers were urged to adhere to the new pricing structure, which is set at N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East for MRS, and slightly higher rates for Heyden and Ardova Plc.

Dangote Refinery further revealed it would absorb a N16 billion loss to facilitate these refunds, reinforcing its commitment to providing affordable fuel to Nigerians.

This measure aims to ensure immediate benefit to consumers and that no business partner suffers a loss due to the price change.