Business

BREAKING: Dangote promises to refund customers who buy petrol above market price from key partners

Published

11 months ago

March 3, 2025

219 Views

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.

Related Topics:Dangote Featured Refinaey

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Business

NTA didn’t introduce VAT on charges collected by banks — NRS

The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

Published

23 hours ago

January 16, 2026

OCHEFA

21 Views

Photo: NRS chairman, Zacch Adedeji

The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.

According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.

The statement reads:

“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”

Business

LIRS gives employers Jan 31 deadline for filing 2025 tax returns

The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.

Published

1 day ago

January 16, 2026

OCHEFA

15 Views

The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.

Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.

He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.

Business

Nigeria To Review Inflation Reporting First Time In 15 years

The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.

Published

2 days ago

January 15, 2026

OCHEFA

23 Views

Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.

This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.

Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.

Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.