Petrol may soon sell for as low as N739 per litre at MRS filling stations and other partner outlets of the Dangote Petroleum Refinery, barring any last-minute changes.
The development follows the refinery’s recent decision to reduce its petrol gantry price from N828 to N699 per litre. Speaking during a press briefing at the Lekki refinery on Sunday, the President of the Dangote Group, Alhaji Aliko Dangote, expressed concern that some filling stations often fail to reflect lower depot prices at the pump.
Dangote said MRS would begin selling petrol at N739 per litre from Tuesday in Lagos, with other partner marketers expected to follow. He accused certain officials of encouraging marketers to keep prices high in order to undermine the impact of the refinery’s price reduction.
“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again,” he said.
He added that independent marketers were also being encouraged to buy directly from the refinery.
“We have also asked members of IPMAN to come now. We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699,” Dangote stated.
According to him, the company is determined to force prices down nationwide, especially during the festive season and early part of the new year.
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“We are going to use whatever resources that we have to make sure that we crash the price down. We will get these sales; maybe it will take us a week to 10 days. But first of all, within a week to 10 days, we will be able to deliver. For this December and January, we don’t want people to sell petrol for more than N740 nationwide,” he said.
Dangote warned that any attempt to frustrate the pricing policy would be resisted.
“Those who want to keep the price to sabotage the government, we will fight as much as we can to make sure that these prices are down. That’s not the price. If you have money to come and buy, you can pick up petrol at N699,” he added.
He also questioned why pump prices should climb to as high as N900 per litre when transportation costs from the refinery are minimal.
“Freight within Lagos is N10 or N15, maximum. So if it’s N10 to N15, everything is going to cost you N715. Why do you want to sell at N900? People should get the real price,” he said.
The refinery owner further accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing import licences that could hurt local refining investments.
“They are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity,” Dangote alleged.
He dismissed claims of monopoly, insisting that other investors were free to build or acquire refineries.
“If you are talking about monopoly, did we stop anybody? They issued 47 licences. Let those people come and put up a refinery here, or let them go and buy even NNPC’s and operate them,” he said.
Dangote also revealed that many modular refineries were struggling to survive.
“Those modular refineries, I can tell you for nothing that they are almost on the verge of collapse. None of them is making a dime,” he added.
Reaffirming his commitment to the new pump price, Dangote said enforcement would begin immediately.
“Starting from Tuesday, MRS will start selling petrol at N739/litre. Definitely, we will enforce that low price. We will make sure that it’s implemented. If you have your truck, you can come here and buy it. We are selling at N699. The N699 includes the percentage of NMDPRA. So what actually comes out to us is about N389 or so,” he stated.
When contacted for a response, the spokesperson of the NMDPRA, George Ene-Ita, declined to comment, saying, “For now, no comment.”