Dangote Petroleum Refinery & Petrochemicals has introduced a refund scheme for customers who purchase Premium Motor Spirit (PMS) at prices higher than the rates set by its key partners-AP (Ardova Plc), Heyden, and MRS-across Nigeria.
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According to a statement from the refinery, this initiative follows its recent reduction of the gantry price from N890 per litre to N825 per litre. To cushion the impact on marketers who purchased fuel at the previous rate, the refinery has committed to refunding N65 per litre on over 200,000 metric tonnes of PMS. This move aligns with President Bola Tinubu’s Renewed Hope Agenda to boost the economy by ensuring Nigerians benefit from the price cut.
Dangote Refinery assured its partners that they would not suffer losses due to the price adjustment, emphasizing that the new, lower rates must be implemented nationwide. The refinery has absorbed a N16 billion loss in refunds to facilitate cheaper fuel for Nigerians.
The company also warned against price exploitation, noting that selling PMS far above the adjusted rate constitutes excessive profiteering. While the new gantry price is N825 per litre, the refinery released region-specific retail prices for its key partners:
1. MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
2. Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
With these prices, Dangote Refinery expects that no Nigerian should pay more than N900 per litre. Customers who buy fuel above the approved rates can report to the refinery with their receipts to claim a refund of the excess amount.
