Barring any unexpected last-minute adjustments, retail outlets affiliated with the Dangote Petroleum Refinery, beginning with MRS stations, are scheduled to commence the sale of Premium Motor Spirit, commonly known as petrol, at a pump price of Seven Hundred And Thirty-Nine Naira per litre nationwide.
This development follows a recent downward review of the refinery’s gantry price, which was reduced from Eight Hundred And Twenty-Eight Naira to Six Hundred And Ninety-Nine Naira per litre. Speaking during a media briefing held at the Lekki-based refinery, the President of the Dangote Group, Aliko Dangote, explained that the decision was aimed at ensuring Nigerians feel the impact of local refining through lower fuel prices at filling stations.
Okay News reports that Dangote expressed concern that despite reductions at the gantry level, some marketers deliberately maintain high pump prices, thereby undermining efforts to stabilise the downstream petroleum market. According to him, MRS will take the lead in implementing the new price regime from Tuesday, with other retail partners expected to align shortly after.
Dangote alleged that certain government officials had held meetings with some marketers, allegedly urging them to keep petrol prices artificially high in order to frustrate the ongoing price reduction efforts. He stressed that the Dangote Group would deploy all available resources to enforce compliance and ensure consumers benefit from the reduced ex-depot price.
“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 Nine Hundred And Seventy Naira per litre, you will not see it again. We have also asked members of the Independent Petroleum Marketers Association of Nigeria to come now. We have asked anybody who can buy ten trucks to come and buy ten trucks at Six Hundred And Ninety-Nine Naira,” he said.
He further assured Nigerians that the group is determined to drive prices down within a short time frame, stating that for the months of December and January, petrol should not sell above Seven Hundred And Forty Naira per litre anywhere in the country. Dangote warned that any attempt to sabotage the pricing framework would be strongly resisted.
“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 ten days. But first of all, within a week to ten days, we will be able to deliver. For this December and January, we do not want people to sell petrol for more than Seven Hundred And Forty Naira nationwide,” he added.
Addressing logistics concerns, Dangote stated that transporting petrol within Lagos State costs between Ten and Fifteen Naira per litre, questioning the justification for pump prices nearing Nine Hundred Naira. He also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of issuing numerous import licences for petrol, which he claimed was discouraging local refining investments.
According to him, the regulator issued forty-seven licences to import more than seven billion litres of petrol for the first quarter of Two Thousand And Twenty-Six, despite assurances that local refineries could meet national demand. Dangote argued that this practice was pushing modular refineries toward collapse and discouraging private sector investment.
“If you are talking about monopoly, did we stop anybody? They issued forty-seven licences. Let those people come and put up a refinery here, or let them go and buy even the Nigerian National Petroleum Company Limited facilities and operate them,” he stated.
Dangote reaffirmed that the Seven Hundred And Thirty-Nine Naira per litre pump price would be enforced beginning with MRS stations, adding that bulk buyers could still purchase directly from the refinery at Six Hundred And Ninety-Nine Naira per litre. Reacting to the claims, a spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, George Ene-Ita, said the agency had “no comment” at the time of filing this report.
