Petrol is expected to sell for as low as ₦739 per litre across Nigeria from Tuesday, following a fresh price reduction announced by Aliko Dangote, Founder and President of Dangote Group. Dangote announced on Sunday during a press briefing at the Dangote Refinery in Lagos, raising expectations of relief for motorists and businesses struggling with high fuel costs.
According to him, the refinery had already reduced its gantry price—the price at which fuel is sold to marketers—from ₦828 to ₦699 per litre two days earlier. He explained that this reduction was part of a deliberate plan to ensure Nigerians benefit directly from local refining and lower production costs.
Dangote said the new pump price would first take effect at MRS filling stations in Lagos from Tuesday, before being extended to other filling stations nationwide. He assured Nigerians that the refinery was fully committed to enforcing the price reduction and ensuring it is reflected at the pumps.
The billionaire businessman accused some fuel marketers of deliberately keeping pump prices high despite reductions at the gantry level. He alleged that certain discussions had taken place to maintain artificially high prices in order to frustrate government efforts and deny Nigerians the benefits of cheaper fuel. Despite this, Dangote insisted that the refinery would push ahead with its price-cut plan.
He urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other bulk buyers to take advantage of the lower gantry price, stressing that there was no justification for selling petrol at exorbitant rates.
Dangote also vowed to deploy all resources at his disposal to further crash petrol prices within the next one to ten days. He said no filling station should sell petrol for more than ₦740 per litre nationwide between December and January.
In addition, he criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over reported plans to issue fresh petrol import licences. Dangote warned that continued fuel imports could undermine local production and push local and modular refineries to the brink of collapse.
With the price reduction set to begin on Tuesday, Nigerians are now watching closely to see the promised ₦739 per litre petrol reflected at filling stations across the country.
