’16 BILLION Loss!’ Dangote Forced to Refund Marketers N65

OwelekeTV Business — Dangote Petroleum Refinery has announced plans to compensate oil marketers who purchased Premium Motor Spirit (PMS) at prices above the revised ex-depot rate before the recent price adjustment took effect.

In a statement released over the weekend, the refinery confirmed that marketers who sourced petrol from its key distributors—AP (Ardova Plc), Heyden, and MRS Oil—at the previous price of N890 per litre before the new rate of N825 per litre was implemented will get the appropriate refund.

The company disclosed that it would absorb a N16 billion loss to refund N65 per litre on over 200,000 metric tonnes of PMS, ensuring the benefits of the price reduction reach consumers directly.

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

the statement read.

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

Dangote Refinery urged oil marketers to reflect the reduced prices at the retail level, warning against price manipulation that could exploit consumers.

The statement emphasised that “It is 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,” as it condemns excessive profiteering.

To facilitate transparency, the refinery instructed affected marketers to present their purchase receipts for reimbursement of the excess payment.

The statement outlined the revised PMS rates for its key partners as follows:

MRS: N860 per litre in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.

Heyden and AP: N865 per litre in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.

With the new ex-depot rate set at N825 per litre, Dangote Refinery has implemented a nationwide price cap of N900 per litre while committing to the continuous supply of high-quality, eco-friendly petrol.

The refinery reiterated its commitment to fair pricing, efficient distribution, and national energy security, aligning with President Bola Tinubu’s renewed hope agenda.