Founder and President of Dangote Group, Aliko Dangote, has disclosed that petrol prices will fall to ₦739 per litre across the country starting Tuesday, with rollout beginning at MRS filling stations in Lagos.
Speaking at a press briefing at the Lekki Refinery on Sunday, Dangote revealed that the refinery had already reduced its gantry price from ₦828 to ₦699 per litre two days earlier.
He assured Nigerians that the ₦739 pump price would be strictly enforced, stressing his determination to confront any attempt at price manipulation.
“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.
“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. N970 is not the price. If you have money to come and buy, you can pick up petrol at N699,” he said to journalists.
Dangote expressed concern that some filling stations were intentionally keeping pump prices high, thereby frustrating the impact of the 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 N970 per litre, you won’t see it again,” he said.
He called on members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to take advantage of the lower gantry price.
“We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699. 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 N740 nationwide,” he stated.
Transport Costs And Import Licences
Dangote explained that the cost of transporting petrol from the refinery does not exceed ₦15 per litre, questioning why retail prices were climbing close to ₦900.
“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,” he said.
He also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for approving 47 import licences for over 7.5 billion litres of petrol for the first quarter of 2026.
Dangote warned that such approvals could undermine local investment and threaten 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.
“Those modular refineries are almost on the verge of collapse. None of them is making a dime,” he said.