Aliko Dangote has announced a new round of petrol price reductions, revealing that fuel will sell for as low as ₦739 per litre nationwide starting from Tuesday, as partners of the Dangote Refinery move to implement the cut.
The Dangote Group President disclosed this on Sunday, following a reduction in the refinery’s gantry price from ₦828 to ₦699 per litre at the Lekki facility. He said MRS Oil stations would be the first to roll out the new pump price, with other partner marketers expected to follow gradually.
Dangote accused some fuel marketers of deliberately frustrating the price reduction by keeping pump prices high, alleging that certain officials had encouraged them to do so in order to block the impact of the refinery’s lower pricing.
According to him, MRS stations in Lagos would begin selling petrol at ₦739 per litre from Tuesday, adding that prices such as ₦970 per litre would soon disappear from the market.
Dangote said the refinery is open to all marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noting that anyone capable of purchasing up to 10 trucks of petrol can buy directly at ₦699 per litre.
He stressed that the Dangote Group would deploy all available resources to force prices down across the country, insisting that petrol should not sell above ₦740 per litre nationwide during December and January.
“We are going to use whatever resources that we have to make sure that we crash the price down,” he said, adding that attempts to sabotage the price reduction would be strongly resisted.
Dangote also questioned why petrol pump prices remain close to ₦900 despite the price cut, arguing that transportation costs should not exceed ₦10 to ₦15 per litre, bringing the realistic landing cost to around ₦715 per litre.
He further accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing 47 import licences covering about 7.5 billion litres of fuel for early 2026, a move he said undermines local refining efforts.
Dangote claimed that excessive fuel importation has left refinery tanks full and put pressure on local producers, including modular refineries, many of which he said are close to collapse.
Despite the challenges, Dangote assured Nigerians that the fuel price reduction would be enforced, starting with MRS stations on Tuesday. He reiterated that the refinery remains committed to supplying petrol at ₦699 per litre, urging marketers to buy directly rather than inflate prices at the pump.
When contacted for a response, NMDPRA spokesperson George Ene-Ita declined to comment, saying, “For now, no comment.”
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