You can refrigerate opened containers of baby formula however it's not recommended to do so.
The moisture from the refrigerator may actually make the baby formula powder clump up and get hard so I would not refrigerate the baby formula powder.
When you open a can of formula all you need to do is keep the formula can sealed with the lid and keep the formula powder in a cool dry place.
Just storing the baby formula powder in the pantry or your cupboard should be good enough.
The baby powder formula should be used up within a month which it should be anyway if you're feeding your baby often enough.
For formula made up in the bottles you can store bottles of formula in the refrigerator for up to 24 hours and some parents make enough formula in baby bottles too last through the day as well as for night feedings.