Petrol prices are set to drop nationwide from Tuesday as the Dangote Refinery and its retail partners begin selling fuel at ₦739 per litre, following a reduction in the refinery’s gantry price.
The new pump price was confirmed after the Dangote Refinery reduced its ex-depot (gantry) p
Speaking on Sunday, President of the Dangote Group, Alhaji Aliko Dangote, said the price reduction would first be implemented by MRS Oil, one of the refinery’s major retail partners, with other marketers expected to comply gradually.
According to him, the company is determined to ensure Nigerians benefit from the price cut, despite alleged attempts by some marketers to keep pump prices artificially high.
Dangote claimed that certain marketers had held meetings with unnamed officials and were allegedly encouraged to maintain high pump prices, a move he described as an attempt to frustrate the petrol price reduction.
“MRS stations will start implementing the new price from Tuesday, most likely in Lagos. That price of ₦970 per litre will no longer be seen,” he said.
He added that members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers willing to purchase in bulk could buy directly from the refinery at ₦699 per litre, stating that the company would deploy all available resources to enforce the lower prices nationwide.
“For December and January, we don’t want petrol to be sold for more than ₦740 per litre across the country,” Dangote said, noting that it could take between one week and 10 days to achieve full nationwide compliance.
Dangote also questioned why some filling stations were selling petrol close to ₦900 per litre, arguing that transportation costs should not exceed ₦10 to ₦15 per litre, even within Lagos.
“If freight is ₦10 to ₦15, the total cost should be around ₦715. There is no justification for selling at ₦900,” he stated.
He further accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing multiple petrol import licences, which he said could undermine local refining efforts.
According to him, about 47 import licences for more than seven billion litres of petrol were reportedly approved for early 2026, despite assurances that local refineries could meet supply demands.
Dangote dismissed claims of monopoly, insisting that no company had been prevented from investing in refining, while warning that many modular refineries were struggling to survive due to the current market structure.
Reiterating the price plan, Dangote said MRS stations would begin selling petrol at ₦739 per litre from Tuesday, stressing that the refinery would ensure the policy is enforced.
When contacted for a reaction, NMDPRA spokesperson George Ene-Ita declined to comment on the allegations, stating only, “For now, no comment.”
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