Dangote Petroleum Refinery & Petrochemicals has launched an initiative to refund customers who purchase Premium Motor Spirit (PMS) above advertised rates from its key distribution partners across Nigeria.

The announcement comes after the refinery recently reduced its gantry price from N890 to N825 per litre.

According to a statement released this weekend, the company will refund N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old price before the reduction took effect.

“The step, effective February 27, 2025, guarantees that none of our valued business partners will experience a loss due to the price change.

More importantly, it ensures that the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people,” the company stated.

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.

The company has published approved rates for its key partners: MRS will sell at N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.

Heyden and AP (Ardova Plc) will sell at N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.

With these rates in place, Dangote expects no Nigerian should pay more than N900 per litre regardless of location.

Customers who are charged above the advertised rates at any Dangote partner station are encouraged to report to the refinery with their receipts for a full refund of the excess amount.

The refinery underscored its commitment to providing high-quality, eco-friendly fuel that benefits vehicle performance and supports public health while contributing to Nigeria’s energy security and economic growth.

“This initiative is one of many ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a prosperous and sustainable future for our country,” the company concluded.