Aliko Dangote, Founder and President of Dangote Group, has announced a reduction in petrol prices to ₦739 per litre nationwide, starting Tuesday, with the first rollout at MRS stations in Lagos.
Speaking at a press briefing at the Lekki Refinery on Sunday, Dangote said the refinery had already lowered its gantry price from ₦828 to ₦699 per litre. He assured that the new pump price would be enforced and vowed to combat attempts to inflate fuel costs.
“From Tuesday, MRS stations will sell petrol at ₦739 per litre. We will make sure this price is implemented. Anyone with trucks can buy at ₦699. Those trying to keep prices high to undermine the government will be challenged. ₦970 per litre is not the price,” Dangote told journalists.
He expressed concern that some filling stations were deliberately keeping pump prices high. “Marketers were reportedly advised to maintain high prices, but with this initiative at MRS stations in Lagos, the ₦970 per litre rate will no longer exist,” he said.
Dangote urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to purchase fuel at the lower gantry price. “Anyone who can buy 10 trucks should do so at ₦699. We are using all available resources to reduce prices. Within a week to 10 days, delivery will be achieved. For December and January, petrol should not be sold above ₦740 nationwide,” he added.
Highlighting the low transport costs, he noted that moving petrol from the refinery costs no more than ₦15 per litre. “Freight within Lagos is just ₦10 to ₦15, which should bring the price to around ₦715. Selling at ₦900 is unjustifiable. Consumers should get the real price,” he said.
Dangote 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. “These refineries are close to collapse and none of them is profitable,” he stated.