Dangote Announces N739 as New Retail Price for Petrol

Barring any last-minute reversal, MRS Oil Nigeria and other retail partners of the Dangote Petroleum Refinery will begin selling petrol at N739 per litre, marking a significant drop in pump prices nationwide.

The move follows the refinery’s decision, announced two days earlier, to slash its ex-depot (gantry) price from N828 to N699 per litre. Speaking during a press briefing at the Lekki refinery on Sunday, Dangote Group President Alhaji Aliko Dangote said he expects the reduction to reflect immediately at filling stations, starting with MRS outlets from Tuesday.

Dangote expressed frustration that despite lower gantry prices, some fuel marketers often refuse to adjust pump prices, choosing instead to keep prices artificially high. He accused certain officials of encouraging marketers to resist the reduction in a bid to undermine the price relief efforts.

“I was told that some marketers met with certain officials and were instructed to keep prices high,” Dangote said. “But we are determined to enforce this new pricing. Starting most likely on Tuesday in Lagos, you will no longer see petrol selling at N970 per litre at MRS stations.”

He added that other retail partners would follow suit shortly, stressing that the refinery is opening its doors to any marketer willing to purchase fuel directly. “Anyone who can buy up to 10 trucks should come and buy at N699 per litre,” he said.

Dangote insisted that his company would deploy all available resources to ensure the price reduction takes effect across the country. He said the rollout might take between one and ten days to stabilise, but Nigerians should not pay more than N740 per litre during December and January.

“We don’t want people selling petrol above N740 nationwide during this period,” he said. “Those who insist on keeping prices high to sabotage the government will meet resistance. If you have the money, come and buy at N699. That is the real price.”

He questioned the justification for pump prices approaching N900 per litre, pointing out that transporting petrol from the Lekki refinery costs no more than N10 to N15 per litre within Lagos. According to him, this puts the realistic retail cost at about N715 per litre, leaving no rational basis for excessive markups.

Dangote also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority for issuing 47 import licences covering more than seven billion litres of petrol for the first quarter of 2026. He described the move as reckless and damaging to local refining investments.

“Our tanks are full, yet licences are being issued for massive imports,” he said. “We have guaranteed supply, but these import approvals are killing local production. If people are worried about monopoly, did we stop anyone? Forty-seven licences have been issued. Let those people build refineries here or buy and operate existing ones if the business is so profitable.”

He added that many modular refineries are struggling to survive under the current policy environment. “Most of them are on the verge of collapse. None of them is making any real profit,” he said.

Dangote assured Nigerians that the N739 per litre pump price would be enforced, starting with MRS stations. He reiterated that marketers are free to buy directly from the refinery at N699 per litre, a price that already includes regulatory charges.

“If you bring your truck here, you can load at N699,” he said. “We will make sure this price is implemented.”

When contacted for a response, NMDPRA spokesperson George Ene-Ita declined to comment, saying only, “For now, no comment.”