Founder and President of the Dangote Group, Aliko Dangote, has announced a reduction in petrol pump prices, stating that fuel will sell for ₦739 per litre nationwide starting from Tuesday. The implementation will begin at MRS filling stations in Lagos.
Dangote made the announcement on Sunday during a press briefing at the Lekki Refinery, where he disclosed that the refinery had already cut its gantry price from ₦828 to ₦699 per litre two days earlier. He said the move was aimed at ensuring lower fuel prices for Nigerians amid ongoing concerns over high pump prices.
Dangote refinery reduces gantry price
According to Dangote, the ₦699 gantry price is open to marketers and bulk buyers willing to lift products directly from the refinery. He clarified that the amount includes regulatory charges and noted that the refinery’s actual earnings are significantly lower.
He accused some fuel marketers of deliberately keeping pump prices high despite the availability of cheaper supply, describing such actions as an attempt to frustrate price reductions.
₦970 petrol price will disappear — Dangote
Dangote insisted that petrol should no longer sell for as high as ₦970 per litre once the new pricing regime takes effect.
“Starting from Tuesday, MRS will start selling petrol at ₦739 per litre. We will enforce that low price and make sure it is implemented,” he said.
He added that Nigerians would no longer see pump prices close to ₦970, particularly in Lagos, as more stations align with the new pricing structure.
IPMAN, bulk buyers urged to lift at ₦699
The Dangote Group chairman called on members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to take advantage of the reduced gantry price.
He said buyers capable of lifting at least 10 trucks of petrol would be supplied within a week to 10 days, stressing that for December and January, petrol should not sell above ₦740 per litre nationwide.
Transport costs questioned
Dangote also raised concerns about transportation costs, stating that moving petrol from the refinery costs between ₦10 and ₦15 per litre within Lagos.
“If everything costs about ₦715, why should anyone sell at ₦900?” he asked, questioning the justification for high pump prices in some locations.
Dangote criticises fuel import licences
During the briefing, Dangote criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing multiple fuel import licences. He warned that excessive imports could undermine local refining efforts and threaten the survival of modular refineries across the country.
He assured Nigerians that once the new pricing system is fully implemented, practices that encourage high fuel prices would no longer persist.
For more details, read: Petrol to sell at ₦739 per litre from Tuesday — Dangote.
Conclusion
Dangote’s announcement signals a major shift in Nigeria’s fuel pricing, with the refinery positioning itself to drive down petrol costs nationwide. As implementation begins with MRS stations in Lagos, attention will be on marketers and regulators to ensure compliance and deliver relief to consumers amid rising living costs.
