Petrol Price to Drop to ₦739 From Tuesday — Dangote

Founder and President of Dangote Group, Aliko Dangote, has announced that petrol prices will drop to ₦739 per litre nationwide, beginning Tuesday, with initial implementation at MRS stations in Lagos.

At a press briefing at the Lekki Refinery on Sunday, Dangote said the refinery had earlier reduced its gantry price from ₦828 to ₦699 per litre. He assured that the new price would be enforced and emphasised his commitment to fight price manipulation.

“Starting from Tuesday, MRS will start selling petrol at ₦739 per 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 ₦699. The ₦699 includes the percentage of NMDPRA. So what actually comes out to us is about ₦389 or so,” he said.

Dangote expressed concern that some filling stations were deliberately keeping pump prices high, undermining the intended reduction.

“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 ₦970 per litre, you won’t see it again,” he added.

He urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to purchase fuel at the lower gantry price. “We have asked anybody who can buy 10 trucks to come and buy 10 trucks at ₦699. We are going to use whatever resources we have to make sure we crash the price down. 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 ₦740 nationwide,” Dangote stated.

Dangote also addressed transport costs, noting that moving petrol from the refinery costs no more than ₦15 per litre, questioning why pump prices were rising as high as ₦900. “Freight within Lagos is ₦10 to ₦15, maximum. So if it’s ₦10 to ₦15, everything is going to cost you ₦715. Why do you want to sell at ₦900? People should get the real price,” he said.

He further criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences to bring in over 7.5 billion litres of petrol for the first quarter of 2026. Dangote argued that such actions discourage local investment and threaten modular refineries.

“They normally issue licences in the middle of the month. 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. Those modular refineries are almost on the verge of collapse. None of them is making a dime,” he said.