MRS and other partners of the Dangote Petroleum Refinery are reportedly scheduled to start selling petrol at N739 per litre, barring any last-minute changes.
The refinery cut the price of its fuel gantry from N828 to N699 per litre two days prior. Alhaji Aliko Dangote, President of the Dangote Group, acknowledged that some filling stations frequently decide to maintain high pump pricing despite decreased gantry prices, undermining his efforts, at a press conference held on Sunday at the Lekki refinery.
He said that MRS would start selling petrol on Tuesday at N739 a litre, with other partners to follow. Stressing that he would struggle to implement the new price regime, Dangote claimed that some authorities had met with specific marketers and urged them to maintain high prices in order to thwart the price decrease.
“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 N970 per litre, you won’t see it again. We have also asked members of IPMAN to come now.
“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 10 days. But first of all, 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. Those who want to keep the price to sabotage the government, we will fight as much as we can to make sure that these prices are down. That’s not the price. If you have money to come and buy, you can pick up petrol at N699,” he said.
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Dangote questioned why pump prices would go to N900 per litre when the cost of delivering petrol from the refinery is only N15 per litre.
Additionally, he claimed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority was killing local investments by granting 47 import licenses to import more than seven billion litres of gasoline in the first quarter of 2026.
“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? People should get the real price. I cannot come now and take the hit. Did we make money? No, we didn’t make money. But as we speak now, even our tanks are full because the NMDPRA has issued reckless licences. And we have to now go and complain to the government.
“They normally issue licences in the middle of the month. So, 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.
“If you are talking about monopoly, did we stop anybody? They issued 47 licences. Let those people come and put up a refinery here, or let them go and buy even NNPC’s and operate them. If it’s profitable, they should go and do that now. NNPC was the only business that was bringing in fuel before.
“Now, we are the only one and one of the few modular refineries that are producing. 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 added.
The billionaire businessman reassured Nigerians that the N739 per litre price would be enforced, starting with MRS stations on Tuesday. “Starting from Tuesday, MRS will start selling petrol at N739/litre. Definitely, we will enforce that low price. We will make sure that it’s implemented. If you have your truck, you can come here and buy it. We are selling at N699. The N699 includes the percentage of NMDPRA. So what actually comes out to us is about N389 or so,” he stated.
When contacted for his reaction, the NMDPRA spokesman, George Ene-Ita, said, “For now, no comment.”
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