Speaking at a press briefing at the Lekki Refinery on Sunday, Dangote said the refinery had earlier lowered its gantry price from N828 to N699 per litre. He stressed that the N739 per litre pump price would be enforced and vowed to combat any attempts to manipulate fuel prices.
“Starting from Tuesday, MRS will start selling petrol at N739 per litre. We will make sure that this low price is implemented. If you have a truck, you can come and buy at N699. Those who want to keep the price high to sabotage the government, we will fight to ensure prices remain down. N970 is not the price,” he told journalists.
Dangote expressed concern that some filling stations were deliberately keeping pump prices high. “I was informed that marketers met with some officials and were told to maintain high prices. But with the new pricing at MRS stations, especially in Lagos, the M970 per litre rate will no longer exist,” he said.
He encouraged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to purchase fuel at the lower gantry price. “We have asked anyone who can buy 10 trucks to come and buy at N699. We will use all resources to reduce the price. Within a week to 10 days, we can deliver. For December and January, petrol should not sell above N740 nationwide,” he added.
Dangote also highlighted that transporting petrol from the refinery costs no more than N15 per litre, questioning the logic behind pump prices reaching N900. “Freight within Lagos is N10 to N15. That should bring the price to around N715. So why sell at N900? Consumers should get the real price,” he said.
He criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences to bring in over 7.5 billion litres of petrol for the first quarter of 2026, arguing that such actions discourage local investment and threaten modular refineries. “These modular refineries are almost collapsing. None of them is profitable,” Dangote stated.
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