Dangote loses N16bn as customers who bought petrol at old prices get refund 

Dangote Petroleum Refinery & Petrochemicals has announced that it will refund customers who purchase petrol at rates higher than the advertised prices from any of its key partners – Ardova Plc (AP), Heyden, or MRS – across Nigeria.

This move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre. 

The refinery said in a statement late Sunday night that it will refund N65 per litre on the over 200,000 metric tonnes of petrol purchased by marketers at the old gantry price of N890 per litre, prior to the new rate of N825 per litre. 

Dangote refinery also absorbed N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel, according to the statement.

“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,” it said.

The refinery emphasised that this initiative extends beyond MRS Holdings, AP, and Heyden. It urged other marketers sourcing stock from it to pass on the benefits of the new pricing to consumers at the retail level.

Dangote also condemned any exploitation of the new pricing structure. “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, further burdening Nigerians for personal gain,” it added.

“Dangote Refinery in its effort to ensure good quality and affordable fuel for Nigerians, is working with its partners to make this price accessible. Consumers who purchase fuel above the advertised rate at any of its key partners – AP (Ardova Plc), Heyden, or MRS – anywhere in Nigeria, are encouraged to report to Dangote Refinery with their receipts for a full refund of the excess amount.”

The approved rates per litre are as follows: MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East; Heyden and AP: N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East. 

“Our commitment aligns with the objectives of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in critical sectors like energy. We remain dedicated to supporting Nigeria’s economic growth and ensuring every Nigerian has access to affordable, high-quality energy solutions,” the refinery said.