The Dangote Petroleum Refinery has fixed a new petrol pump price of ₦739 per litre, with partner filling stations set to begin sales from Tuesday.
The announcement comes days after the refinery reduced its gantry price from ₦828 to ₦699 per litre. Speaking during a media briefing at the Lekki refinery, President of the Dangote Group, Aliko Dangote, said the price cut was designed to ensure Nigerians benefit directly from lower production costs.
Dangote disclosed that MRS Oil Nigeria would be the first partner to implement the new pump price, starting in Lagos, while other affiliated marketers are expected to follow. He expressed concern that some filling stations often fail to reflect price reductions at the pump, despite lower ex-depot costs.
According to him, there are deliberate efforts by certain interests to keep petrol prices high, stressing that the refinery would resist any attempt to frustrate the price adjustment. He said the company was determined to enforce the new price regime and would use all available resources to ensure compliance.
Dangote explained that the cost of transporting petrol from the refinery within Lagos is between ₦10 and ₦15 per litre, questioning why pump prices should rise close to ₦900. He added that petrol should not sell above ₦740 per litre nationwide during December and January.
The billionaire businessman also revealed that marketers willing to lift petrol in bulk could purchase directly from the refinery at ₦699 per litre, noting that the price already includes regulatory charges.
In addition, Dangote criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority over the approval of multiple fuel import licences. He claimed the licences, which reportedly cover billions of litres for early 2026, could undermine local refining efforts and worsen the challenges faced by domestic and modular refineries.
He maintained that local production capacity is sufficient to meet demand and warned that continued reliance on imports could hurt investments in Nigeria’s refining sector.
Dangote assured Nigerians that the ₦739 pump price would be enforced, beginning with MRS stations, adding that discussions with other marketers were ongoing to ensure wider implementation.
When contacted, the spokesperson of the NMDPRA declined to comment on the claims.
