Aliko Dangote, President of the Dangote Group, has announced that petrol will be sold at a new price of N739 per litre, with retail partner MRS set to begin sales at the rate this Tuesday. The move follows the refinery’s recent decision to slash its gantry price to N699 per litre.
Speaking at a press briefing at the Lekki refinery on Sunday, Dangote accused certain officials and marketers of conspiring to keep pump prices artificially high, undermining efforts to provide affordable fuel.
“I was told that the marketers have met with [some officials] and were told to make sure that the price is maintained high,” Dangote stated. “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 vowed to use all available resources to enforce the new price regime, targeting a nationwide cap of N740 per litre throughout December and January. The billionaire emphasized that with transportation costs within Lagos not exceeding N15 per litre, there was no justification for prices reaching N900.
Dangote also criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for what he described as “reckless” licensing, claiming the agency has issued 47 import licenses for over 7.5 billion litres of petrol in the first quarter of 2026 despite local refining capacity.
“If you are talking about monopoly, did we stop anybody?” he questioned. “They issued 47 licences. Let those people come and put up a refinery here.”
He further warned that Nigeria’s modular refineries were “on the verge of collapse” due to current market conditions.
Assuring the public of the new price’s implementation, Dangote explained that the N699 gantry price includes statutory charges, leaving the refinery with a net receipt of about N389. He urged independent marketers with the capacity to purchase in bulk directly from the refinery to help drive down prices at the pump.
