Founder and President of Dangote Group, Aliko Dangote, has announced that petrol prices will drop to ₦739 per litre nationwide starting Tuesday, with initial implementation at MRS stations in Lagos.
Speaking at a press briefing at the Lekki Refinery on Sunday, Dangote said the refinery had already reduced its gantry price from ₦828 to ₦699 per litre two days earlier. He assured that the new price would be strictly enforced and reaffirmed his commitment to preventing price manipulation.
“Starting from Tuesday, MRS will start selling petrol at ₦739 per litre. We will make sure this low price is implemented. If you have your truck, you can come and buy at ₦699. The ₦699 includes the NMDPRA percentage, so the effective amount that comes to us is about ₦389,” Dangote said.
He expressed concern that some filling stations were deliberately keeping pump prices high, undermining the intended reduction.
“I was told marketers met with certain officials and were instructed to maintain high prices. But with this new price, starting with MRS stations in Lagos on Tuesday, the N970 per litre price will disappear,” he added.
Dangote urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to take advantage of the lower gantry price.
“We have asked anyone who can buy 10 trucks to come and buy at ₦699. Using all resources available, we aim to bring prices down. Within a week to 10 days, we expect delivery nationwide. For December and January, petrol should not exceed ₦740 per litre anywhere,” he stated.
Transport costs and criticism of regulatory practices
Dangote highlighted that transporting petrol from the refinery costs no more than ₦15 per litre, questioning why pump prices were soaring as high as ₦900.
“Freight within Lagos is N10 to N15. So if the cost is N715, why sell at N900? People deserve the real price,” he said.
He also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences for over 7.5 billion litres of petrol for the first quarter of 2026, arguing that such moves discourage local investment and threaten modular refineries.
“They issue licences in the middle of the month for huge volumes, despite our guarantee to supply enough petrol. Modular refineries are on the verge of collapse; none of them is making a profit,” Dangote warned.
