Dangote Refinery pledges N16bn refund to oil marketers following petrol price slash

In a significant move to cushion the impact of fluctuating fuel prices, the Dangote Petroleum Refinery has announced a massive ₦16 billion refund to oil marketers who purchased petrol at higher rates before the recent price reduction.

The company, in a statement on Sunday, assured business partners that they would be reimbursed N65 per litre on over 200,000 metric tonnes of Premium Motor Spirit (PMS) bought at the previous rate of N890 per litre.

The announcement comes in the wake of Dangote Refinery’s decision to lower the ex-depot price of petrol to N825 per litre, effective February 26.

The company emphasized that the move was not just a financial adjustment but a commitment to ensuring Nigerians benefit from more affordable fuel prices.

“This step, effective February 27, ensures that none of our valued business partners will experience a loss due to the price change,” the statement read. “More importantly, it ensures the new, lower rate takes immediate effect nationwide for the benefit of the Nigerian people.”

The reduction comes as a relief to Nigerians already struggling with economic challenges, as fuel prices significantly influence transportation costs, food prices, and overall living expenses.

By absorbing the financial hit, Dangote Refinery is making a bold statement that business profits should not come at the expense of public welfare.

Refund Process and Distribution Channels

The refinery identified key distribution partners, including AP (Ardova Plc), Heyden, and MRS Oil, as the primary channels through which the benefits of the price cut would reach consumers.

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To ensure fairness, the company urged marketers who had bought at the higher rate to present their receipts for a full refund of the excess amount.

Additionally, Dangote issued a stern warning against hoarding or inflating retail prices, stating that any attempt to take undue advantage of the situation would be deemed “excessive profiteering.”

“It is both unpatriotic and detrimental to the welfare of Nigerians for any party to purchase at N825 per litre and then sell to consumers at N945 or more per litre,” the company warned.

New Approved Rates for Distributors

To maintain pricing transparency, Dangote Refinery outlined new approved rates for its key partners across different regions:

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

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

Ensuring Affordable and High-Quality Fuel Nationwide

With the revised gantry price set at N825 per litre, Dangote Refinery has capped the nationwide retail price at a maximum of N900 per litre.

The company also reaffirmed its commitment to supplying high-quality, eco-friendly petrol while maintaining transparent pricing and timely delivery across the country.

This bold initiative by Dangote Refinery underscores the company’s strategic role in stabilizing Nigeria’s energy sector and its dedication to protecting consumers from unnecessary financial burdens.