Business
BREAKING: Dangote promises to refund customers who buy petrol above market price from key partners
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.
Business
Dangote exports N757bn jet fuel to Europe in June
The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.
Latest data from the S&P Global Commodity Insights, indicates that Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated N757 billion.
According to the market report, the refinery’s exports came as the European jet fuel market turned increasingly bearish following a sharp decline in prices from the highs recorded during the Middle East conflict.
The report stated that flows of jet fuel from Nigeria to Europe rose from 232,000 metric tonnes in May to 466,000 metric tonnes in June, the highest volume exported from the country to Europe since Nigeria became a net exporter of jet fuel in 2024, when the Dangote Refinery commenced aviation fuel production.
The June export volume is equivalent to about 582.5 million litres of jet fuel. At an estimated domestic value of N1,300 per litre, the shipment is worth about N757.25 billion.
On the other hand, aviation fuel exports from the United States fell sharply in the past months.
The report showed that jet fuel exports from the United States to Europe declined steadily over the same period, falling from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and further to 399,000 metric tonnes in June, leaving Nigeria as a bigger supplier to Europe during the month.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,410
GREAT BRITISH POUND (GBP) Buy ₦1,860 Sell: ₦1,885
EURO (EUR) Buy ₦1, 570 Sell ₦1,590
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,370.19
GREAT BRITISH POUND (GBP) ₦1,829. 89
EURO (EUR) ₦1,568.32
SWISS FRANC (CHF) ₦1,1706.13
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦202. 06
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 48
SAUDI RIYAL (SAR) ₦364.93
SOUTH AFRICAN RAND (ZAR) ₦84. 46
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,370.15
GREAT BRITISH POUND (GBP) ₦1,832.17
EURO (EUR) ₦1,568.28
SWISS FRANC (CHF) ₦1,1705.44
JAPANESE YEN (JPN) ₦8. 51
CHINESE YUAN (CNY) ₦201. 80
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98
SAUDI RIYAL (SAR) ₦364.91
SOUTH AFRICAN RAND (ZAR) ₦84. 32
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