Dangote Fixes ₦739 Per Litre as New Petrol Pump Price, Vows to Force Down Costs Nationwide

Barring any last-minute reversal, petrol consumers across Nigeria may soon experience a modest but significant relief at the pumps, as partners of the Dangote Petroleum Refinery prepare to sell Premium Motor Spirit (PMS) at ₦739 per litre. The new price announcement follows a fresh reduction in the refinery’s gantry price, which was slashed from ₦828 to ₦699 per litre, reinforcing expectations that locally refined fuel could gradually ease Nigeria’s long-standing pricing crisis.

Speaking during a press briefing at the Dangote Refinery in Lekki, Lagos, President of the Dangote Group, Alhaji Aliko Dangote, expressed strong frustration over what he described as deliberate attempts by some marketers and officials to undermine recent price cuts. According to him, despite the drop in gantry prices, several filling stations have continued to sell petrol at extremely high pump prices, sometimes reaching ₦900 to ₦1,000 per litre, thereby nullifying the intended benefits for ordinary Nigerians.

Dangote disclosed that MRS Oil Nigeria Plc, a major retail partner of the refinery, would commence sales at the new ₦739 per litre price starting Tuesday, with other partner marketers expected to follow shortly after. He accused unnamed officials of encouraging marketers to keep prices artificially high in order to frustrate the refinery’s intervention in the downstream sector.

“I was told that some marketers were advised to ensure prices remain high,” Dangote said. “But with what we are about to introduce, Nigerians will not see ₦970 per litre again. We are starting with MRS stations, most likely on Tuesday in Lagos, and others will follow.”

The billionaire businessman emphasized that the refinery is ready to sell directly to any marketer or dealer capable of lifting large volumes, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN). He stated that anyone who could buy up to 10 trucks of petrol would be allowed to do so at the ₦699 gantry price, insisting that there was no justification for excessive markups at retail outlets.

Dangote further revealed that the cost of transporting petrol from the Lekki refinery within Lagos does not exceed ₦10 to ₦15 per litre, questioning why consumers should be forced to pay prices as high as ₦900 per litre. “If freight is ₦10 or ₦15, then total cost is around ₦715. Why sell at ₦900? People deserve the real price,” he argued.

He stressed that for December and January, the company is determined to ensure petrol does not sell above ₦740 per litre nationwide. According to him, the refinery is prepared to deploy all available resources to enforce compliance and break what he described as deliberate sabotage of price reduction efforts.

Beyond pricing concerns, Dangote also raised serious alarm over the actions of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), accusing the regulator of issuing 47 petrol import licences covering more than seven billion litres for the first quarter of 2026. He argued that such decisions were discouraging local refining investments and threatening the survival of modular refineries across the country.

“Our tanks are already full, yet licences are being issued recklessly,” Dangote said. “How can local production survive under such conditions? If people believe this is about monopoly, let them build refineries or buy existing ones and operate them. Nobody stopped anyone.”

He disclosed that many modular refineries are struggling to survive, adding that most are currently operating at a loss. Dangote reiterated that his refinery is not making extraordinary profits, noting that after regulatory deductions, actual earnings per litre are far lower than widely assumed.

Confirming the implementation plan, Dangote assured Nigerians that the ₦739 pump price would be enforced, starting with MRS outlets. “From Tuesday, MRS will sell at ₦739 per litre. We will enforce it. If you have trucks, come and buy at ₦699,” he said.

When contacted for a response to Dangote’s allegations, the spokesperson of the NMDPRA, George Ene-Ita, declined to comment.

While reactions among Nigerians remain mixed—ranging from cautious optimism to deep scepticism—the announcement has reignited debate over fuel pricing, regulation, and the future of local refining. For many citizens battered by months of rising living costs, the coming days will determine whether the promised ₦739 pump price becomes a nationwide reality or another fleeting announcement in Nigeria’s troubled fuel market.