Founder and President of Dangote Group, Aliko Dangote, has announced that petrol will sell at ₦739 per litre nationwide from Tuesday, with implementation beginning at MRS filling stations in Lagos.
Dangote made the disclosure on Sunday during a press briefing at the Lekki Refinery, where he said the refinery had already reduced its gantry price from ₦828 to ₦699 per litre two days earlier as part of efforts to lower pump prices across the country.
“Starting from Tuesday, MRS will start selling petrol at ₦739 per litre. We will enforce that low price and make sure it is implemented,” Dangote said, adding that marketers and bulk buyers were free to lift products directly from the refinery at the ₦699 gantry price.
According to him, the ₦699 price includes regulatory charges, stressing that the refinery’s actual net receipt is significantly lower. He accused some marketers of deliberately keeping pump prices high, contrary to the intended price reduction.
“Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure prices come down. ₦970 is not the real price. If you have money to buy, you can pick up petrol here at ₦699,” he said.
Dangote claimed he was informed that some marketers had been encouraged to maintain high prices despite the availability of cheaper supply. He assured Nigerians that such practices would not persist once the new pricing regime takes effect.
“We are going to start with MRS stations most likely on Tuesday in Lagos. That ₦970 per litre, you won’t see it again,” he said.
He also urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to take advantage of the reduced gantry price, noting that buyers willing to lift large volumes would be accommodated.
“We have asked anybody who can buy 10 trucks to come and buy at ₦699. Within a week to 10 days, we will be able to deliver. For December and January, we don’t want petrol sold for more than ₦740 nationwide,” Dangote stated.
Addressing transportation costs, Dangote said moving petrol from the refinery costs no more than ₦15 per litre, questioning pump prices nearing ₦900 in some locations.
“Freight within Lagos is ₦10 to ₦15. If everything costs about ₦715, why should anyone sell at ₦900?” he asked.
Dangote also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing multiple import licences, warning that excessive fuel imports could undermine local refining capacity and threaten the survival of modular refineries.
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