For the second time in February, Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (petrol), cutting it from N890 to N825 per litre. This N65 per litre reduction follows an earlier N60 per litre decrease on February 1.

A statement from the refinery, which has a 650,000 barrels-per-day capacity, noted that the ex-depot price has now dropped from N950 per litre in January to N825 per litre, marking a total reduction of N125 per litre within 26 days.

“This recent price reduction will ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the company stated.

The refinery, Africa’s first privately owned petroleum processing plant, announced that the new pricing takes effect from Thursday, February 27, and aims to provide economic relief to Nigerians.

“This strategic price adjustment is intended to ease the financial burden on Nigerians, particularly in anticipation of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives,” the statement read.

The company emphasized that Dangote Petroleum Refinery has consistently lowered petrol and other refined product prices to benefit Nigerians. The latest cut follows a previous reduction of N60 earlier in February. Additionally, in December 2024, during the festive season, the refinery dropped the price of PMS by N70.50—from N970 to N899.50 per litre—to help ease the cost of living.

The refinery highlighted that past price reductions have positively impacted various economic sectors, ensuring stable fuel supply and preventing the typical scarcity and price surges seen during the yuletide season.

Dangote Refinery reassured Nigerians that its high-quality fuel will remain widely available across the country through its key distribution partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at competitive rates.

Lagos – N860 per litre

South-West – N870 per litre

North – N880 per litre

South-South/South-East – N890 per litre

AP (Ardova Petroleum) & Heyden stations:

Lagos – N865 per litre

South-West – N875 per litre

North – N885 per litre

South-South/South-East – N895 per litre

Dangote Petroleum Refinery assured consumers of a steady supply of petroleum products, with sufficient reserves to meet domestic demand and surplus production for export, contributing to Nigeria’s foreign exchange earnings.

The company urged petroleum marketers to support its price reduction efforts, ensuring Nigerians benefit fully from the initiative.

“This move aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a key player in the global oil market,” the refinery stated.

Dangote Petroleum Refinery, which exports refined products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia.

The refinery confirmed it currently holds over 500 million litres of petrol in storage, enough to meet Nigeria’s fuel demand for several days. Furthermore, its refining capacity of 650,000 barrels per day exceeds Nigeria’s average daily petrol consumption of 385,000 barrels.

The National Agency for Science and Engineering Infrastructure (NASENI) says the first made-in-Nigeria helicopter is nearing completion.

Kareem Aduagba, project manager of the Aeronautics and Air Vehicle Development Institute, an agency under NASENI, spoke on Wednesday during a focus group engagement in Kaduna.

The event organised by NASENI was attended by inventors and manufacturers drawn from academia and private sectors to promote local manufacturing, innovation, and the adoption of made-in-Nigeria products.

The forum also brought together government officials, industry leaders, and innovators to discuss policies that will drive Nigeria’s industrial and technological growth.

“Very soon, we are going to do the first test. Everything is nearing completion now, and very soon, we will fly the first made-in-Nigeria helicopter,” Aduagba said.

“What we are doing now is not to reinvent the wheel. We had one of our projects being started from the first principle, which we are working on, both the made-in-Nigeria helicopter and some unmanned aerial vehicles (UAV).

“We have some which we bought over from developed countries, which we had them in semi-knockdown (SKD) and some complete knockdown (CKD).

“So, we are now making use of science and engineering knowledge to work on the SKD and the CKD.”

Abdulfatai Ambali, head of the manufacturing services department at the Hydraulic Equipment Development Institute, Kano (under NASENI), emphasised the agency’s role in national development.

Ambali added that NASENI has a renewed focus on commercialisation, collaboration, and creation under its current leadership.

He said many Nigerians are not aware of NASENI and its activities, noting that with the current leadership, the agency is prioritising awareness, stakeholder engagement, and community impact.

He added that NASENI is working to develop homegrown technology to reduce the country’s over-reliance on foreign products, with many innovative solutions already deployed across various sectors.

Saleh Kwaru, the facilitator of the programme, urged Nigerians to be patriotic by supporting local industries, emphasising that national development depends on patronising homegrown products.

“We must look inward and leverage our resources. Constantly relying on foreign products weakens our economy,” Kwaru said.

Umar Bago, Niger state governor, says hawkers and petty traders in the state are now exempted from paying taxes.

In a statement on Tuesday, Bologi Ibrahim, the governor’s chief press secretary, said Bago announced the exemption while addressing journalists at the government house in Minna.

Bago asked local government council chairmen and councillors to stop unfairly taxing petty traders with immediate effect.

He said the state’s centralised tax system already excludes hawkers and petty traders from paying taxes.

“We have observed with dismay how petty traders and hawkers are being exploited with multiple taxes,” Bago said.

“As a government, we have resolved that henceforth, no trader, no petty trader, should be taxed.

“Hawkers and petty traders are tax-free in Niger.”

Bago added that anybody found taxing them will be dealt with decisively for extortion.