Aliko Dangote
Petrol will sell for ₦739 per litre across Nigeria from Tuesday, as billionaire industrialist Aliko Dangote moves to ease fuel costs and clamp down on what he described as deliberate price manipulation by marketers.
The Founder and President of Dangote Group made the announcement on Sunday during a press briefing at the Lekki Refinery, revealing that the refinery had already slashed its gantry price from ₦828 to ₦699 per litre two days earlier. The new pump price, he said, will first take effect at MRS filling stations in Lagos before spreading nationwide.
“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,” Dangote told journalists.
He explained that the ₦699 gantry price already includes regulatory charges, stressing that access to the cheaper fuel would be open to serious buyers.
“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 accused some fuel marketers of deliberately keeping pump prices high, allegedly to frustrate government efforts and deny Nigerians the benefits of reduced costs.
“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 declared.
He further claimed that discussions had taken place to keep prices artificially high, but insisted the refinery would push ahead with the planned 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,” Dangote said.
Calling on members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other bulk buyers, Dangote urged them to take advantage of 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,” he added.
*Transport Costs Under Scrutiny*
Dangote also dismissed claims that transportation costs justify high pump prices, noting that moving petrol from the refinery costs no more than ₦15 per litre.
“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.
In addition, he criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over plans to issue import licences for petrol, warning that such actions could undermine local production.
“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 stated.
He warned that continued import approvals could push local and modular refineries to the brink.
“Those modular refineries are almost on the verge of collapse. None of them is making a dime,” he said.
With the price cut set to begin this week, many Nigerians are watching closely to see if the promised ₦739 per litre petrol will finally reflect at filling stations nationwide.
