Aliko Dangote, President of the Dangote Group, has declared that a new petrol price of ₦739 per litre will be strictly enforced starting Tuesday.
Speaking at a press briefing at the Dangote Petroleum Refinery in Lekki on Sunday, the billionaire businessman assured Nigerians that they would soon feel the impact of the company’s recent price reduction.
“Starting from Tuesday, MRS will start selling petrol at ₦739/litre. Definitely, we will enforce that low price,” Dangote stated.
Crashing the Price
The move follows the refinery’s decision to slash its gantry price from ₦828 to ₦699 per litre.
Dangote explained that despite this reduction, some filling stations have maintained high pump prices. He alleged that certain officials encouraged marketers to keep prices high to undermine the reduction.
“But this price we are going to introduce, we are going to start with MRS stations most likely on Tuesday in Lagos; that ₦970 per litre, you won’t see it again,” he vowed.
He insisted that Nigerians should not pay more than ₦740 per litre during December and January.
“We are going to use whatever resources that we have to make sure that we crash the price down… within a week to 10 days, we will be able to deliver,” he added.
Direct Sales to Marketers
To facilitate this, Dangote has opened direct sales to independent marketers.
“We have asked anybody who can buy 10 trucks to come and buy 10 trucks at ₦699,” he said.
He questioned the justification for prices rising as high as ₦900, noting that freight costs within Lagos should not exceed ₦15 per litre. Therefore, with a gantry price of ₦699, the total cost should be around ₦715.
“Why do you want to sell at ₦900? People should get the real price,” he queried.
Conflict with Regulators
Dangote also directed sharp criticism at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
He accused the regulator of issuing “reckless licences” for fuel imports, despite the refinery’s capacity to meet local demand. Specifically, he claimed the agency is preparing to issue licenses for 7.5 billion litres of petrol imports for the first quarter of 2026.
“As we speak now, even our tanks are full because the NMDPRA has issued reckless licences,” he lamented.
Local Refining Crisis
Addressing accusations of monopoly, Dangote countered that no one has been stopped from investing in local refining. He pointed out that while 47 licenses were issued, few have resulted in operational refineries.
He further warned that the country’s modular refineries are in a precarious state.
“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 said.
This aggressive pricing strategy marks a significant escalation in the ongoing price war between the Dangote Refinery and other industry players, a development stakeholders are watching closely.
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