Unless there are any last-minute alterations, MRS and other collaborators of the Dangote Petroleum Refinery are poised to commence the sale of petrol at the price of N739 per litre.
This announcement follows a mere two days after the refinery considerably reduced its petrol gantry price from N828 to N699 per litre. During a press conference held at the Lekki refinery on Sunday, the distinguished President of the Dangote Group, Alhaji Aliko Dangote, expressed his concern that, despite the decreased gantry prices, some filling stations persist in maintaining elevated pump prices, thereby undermining his endeavors.
He indicated that MRS would initiate petrol sales at N739 per litre starting Tuesday, with other partners expected to follow suit. Dangote asserted that certain officials conspired with various marketers, advising them to sustain high prices to thwart the efforts of the price reduction, and emphasized that he would relentlessly advocate for the enforcement of this new pricing structure.
“I have learned that the marketers engaged with (some officials) and were advised to keep prices inflated. However, come Tuesday, at MRS stations in Lagos, the exorbitant price of N970 per litre will be a thing of the past. We have also invited members of IPMAN to participate. We have encouraged anyone capable of purchasing 10 trucks to come and acquire them at N699.
“We will employ every resource available to us to ensure that we significantly lower the price. We anticipate achieving these sales within a week to ten days. For this December and January period, we aim for people not to sell petrol for more than N740 nationwide. Those intent on maintaining inflated prices to sabotage the government will face our utmost resistance as we strive to drive these prices down. That price is incorrect. If you have the means, you can procure petrol at N699,” he stated.
Dangote further remarked that transporting petrol from the refinery incurs a cost of no more than N15 per litre, questioning the rationale behind pump prices escalating to as much as N900 per litre.
He also criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority for issuing 47 import licenses permitting the entry of over seven billion litres of petrol in the first quarter of 2026, an action he claims is detrimental to local investments. “Freight costs within Lagos range from N10 to N15 at most. So, if transportation costs around N10 to N15, the total should only amount to N715.
Why would you want to sell for N900? People ought to understand the actual pricing. I cannot simply absorb the loss. Did we profit? No, we did not. Yet, even now, our tanks are brimming due to the reckless licenses issued by the NMDPRA. We must appeal to the government regarding this matter.”
