Refinery cuts gantry price to ₦699 as MRS stations begin rollout Tuesday; targets nationwide cap of ₦740
Founder and President of Dangote Group, Aliko Dangote, has announced a significant reduction in petrol prices, declaring that Premium Motor Spirit (PMS) will sell for ₦739 per litre nationwide starting Tuesday, with MRS filling stations in Lagos leading the implementation.
Dangote disclosed this during a press briefing at the Lekki Petroleum Refinery on Sunday, revealing that the refinery had already reduced its gantry price from ₦828 to ₦699 per litre two days earlier as part of efforts to ease fuel costs for Nigerians during the festive season and beyond.
According to him, the new pump price will be strictly enforced, as the refinery moves to confront what he described as deliberate price manipulation by some marketers.
“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,” he said.
He added that the ₦699 per litre price includes regulatory charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), noting that the refinery’s net earnings per litre are significantly lower than public assumptions.
“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 explained.
Dangote accused certain players in the downstream sector of deliberately keeping prices high to undermine the price reduction.
“Those who want to keep the price high 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 said.
He expressed concern that despite falling refinery prices, some filling stations were deliberately maintaining inflated pump 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 stated.
Dangote urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other bulk buyers to take advantage of the reduced 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,” he said.
He assured Nigerians that the price reduction would extend nationwide within days.
“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,” Dangote added.
Addressing claims that logistics costs justify higher pump prices, Dangote dismissed such arguments, stating that transporting fuel from the refinery is relatively inexpensive.
“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.
Dangote also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences to bring in over 7.5 billion litres of petrol for the first quarter of 2026, despite assurances that local refineries can meet national demand.
“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,” he said.
According to him, the continued issuance of import licences threatens local investments, particularly modular refineries.
“Those modular refineries are almost on the verge of collapse. None of them is making a dime,” Dangote added.
About the Author
