President of the Dangote Refinery, Aliko Dangote, has said the pump price of petrol across Nigeria should not exceed ₦740 per litre, insisting that local refining now makes lower prices achievable for consumers.

Dangote made the statement during a briefing at his 650,000-barrel-per-day refinery in Lagos, where he addressed recent developments in the downstream petroleum sector. He noted that Nigerians now have the option of purchasing locally refined petrol at more affordable rates rather than relying on imported fuel, which he described as more expensive and often blended.

According to him, importers who continue to bring in fuel despite the availability of locally refined products should be prepared to bear the financial consequences, stressing that the priority should be the welfare of Nigerian consumers.

The refinery boss explained that his facility recently reduced its gantry price of petrol by about 16 percent to ₦699 per litre, a move he said was aimed at easing pressure on pump prices nationwide. However, he expressed concern that retail prices in some parts of the country, including Abuja, were still selling far above the expected range.

Dangote said the continued high pump prices raise questions about distribution costs and pricing practices, adding that the benefits of local refining should be reflected directly at filling stations.

He maintained that sustained domestic production would gradually reduce fuel imports, stabilize supply, and deliver long-term price relief to Nigerians.