A major petrol price reduction is expected to take effect this week as MRS Oil and Gas and other partners of the Dangote Petroleum Refinery prepare to sell fuel at N739 per litre nationwide, barring any last-minute changes.
The development follows a recent decision by the Dangote Refinery to reduce its petrol gantry price from N828 to N699 per litre. Speaking during a press briefing at the Lekki refinery on Sunday, President of the Dangote Group, Alhaji Alik
Dangote disclosed that MRS filling stations would begin selling petrol at N739 per litre from Tuesday, with other partner stations expected to follow shortly after. He expressed concern that even when gantry prices fall, some retailers deliberately keep pump prices high, undermining efforts to make petrol more affordable.
According to him, there have been attempts by certain interests to frustrate the price reduction. He alleged that some officials had held meetings with marketers, encouraging them to maintain high prices. Dangote said he was determined to challenge any move aimed at sabotaging the new petrol price regime.
He explained that the refinery had opened its doors to independent marketers, including members of the Independent Petroleum Marketers Association of Nigeria, allowing anyone with the capacity to lift 10 trucks to purchase petrol directly at N699 per litre.
Dangote stated that the group was ready to deploy all available resources to push pump prices down, noting that Nigerians should not pay more than N740 per litre during December and January. He added that while nationwide distribution might take a few days, the price reduction would gradually reflect across the country.
Questioning the justification for high pump prices, Dangote said the cost of transporting petrol within Lagos does not exceed N15 per litre. He argued that with logistics and regulatory charges, petrol should retail at around N715 per litre, making prices close to N900 unjustifiable.
He also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority for issuing multiple fuel import licences. According to Dangote, 47 licences were reportedly granted for the importation of about 7.5 billion litres of petrol in the first quarter of 2026, a move he said was discouraging local refining and harming domestic investments.
Dangote rejected claims that the refinery was creating a monopoly, stating that the market remains open and competitive. He noted that other investors were free to build refineries or acquire existing assets if the business was truly profitable. He added that many modular refineries were struggling to survive due to policy inconsistencies and import-heavy decisions.
Reassuring Nigerians, Dangote said the N739 per litre petrol price would be implemented, starting with MRS stations from Tuesday. He confirmed that petrol would continue to be sold at N699 per litre at the refinery gate for bulk buyers with the capacity to lift products directly.
When contacted for a response, the spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, George Ene Ita, declined to comment on the issue.