Dangote pegs Petrol pump price at N739/litre

Aliko Dangote has announced a new petrol pump price of N739 per litre, signalling an aggressive push to drive down fuel costs and challenge what he described as deliberate efforts by some marketers and officials to keep prices artificially high.

Speaking at a press briefing at the Dangote Petroleum Refinery in Lekki on Sunday, the President of the Dangote Group disclosed that MRS Oil, one of the refinery’s key partners, would begin selling petrol at N739 per litre from Tuesday, with other partners expected to follow.

The move comes just two days after the refinery cut its petrol gantry price from N828 to N699 per litre. Dangote said the latest step was necessary because reductions at the depot level had not translated into relief for consumers, as some filling stations continued to sell at prices as high as N900 per litre.

According to him, reports indicated that certain officials had held meetings with marketers and encouraged them to maintain high pump prices in order to frustrate ongoing price reductions.

“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high,” Dangote said. “But this price we are going to introduce, we are going to start with MRS stations most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again.”

He said members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) had also been invited to purchase directly from the refinery, adding that anyone able to lift up to 10 trucks could buy petrol at the N699 gantry price.

“We are going to use whatever resources that we have to make sure that we crash the price down,” he said. “Within a week to 10 days, we will be able to deliver. For this December and January, we don’t want people to sell petrol for more than N740 nationwide.”

“Freight within Lagos is N10 or N15, maximum. So if it’s N10 to N15, everything is going to cost you N715. Why do you want to sell at N900?” he asked.

Read also:Dangote refinery drops petrol to N699 per litre

Dangote also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of undermining local refining by issuing 47 import licences for more than 7.5 billion litres of petrol for the first quarter of 2026.

“They are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity,” he said, adding that the move was hurting investments and leaving refinery tanks full.

He rejected claims of monopoly, arguing that the market remained open and that others were free to invest in refining. He noted that many modular refineries were struggling and close to collapse.

Dangote reiterated that the N739 per litre price would be enforced, beginning with MRS stations on Tuesday, stressing that the refinery was selling at N699 per litre inclusive of regulatory charges.

“Starting from Tuesday, MRS will start selling petrol at N739/litre. Definitely, we will enforce that low price,” he said.