Founder and President of the Dangote Group, Aliko Dangote, has announced that petrol prices will drop to ₦739 per litre nationwide from Tuesday, with initial implementation at MRS filling stations in Lagos.
Dangote made the announcement on Sunday during a press briefing at the Dangote Petroleum Refinery in Lekki, Lagos, where he disclosed that the refinery had reduced its gantry price from ₦828 to ₦699 per litre two days earlier.
He said the new pump price would be strictly enforced, warning that his company would resist any attempt to manipulate prices or sabotage the reduction.
“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,” Dangote said.
He accused some marketers of deliberately keeping pump prices high and undermining the intended reduction.
“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. ₦970 is not the price. If you have money to come and buy, you can pick up petrol at ₦699,” he added.
Dangote further claimed that some marketers had allegedly been encouraged to maintain high prices.
“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 said.
Explaining the cost structure, Dangote stated that transporting petrol within Lagos costs no more than ₦15 per litre, questioning why pump prices had climbed as high as ₦900.
“Freight within Lagos is ₦10 or ₦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.
The Dangote Group chief executive also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the issuance of 47 import licences to bring in more than 7.5 billion litres of petrol for the first quarter of 2026.
According to him, the move discourages local investment and threatens the survival of 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,” Dangote said.
He added that many modular refineries were struggling to survive.
“Those modular refineries are almost on the verge of collapse. None of them is making a dime,” he said.
