Aliko Dangote speaking at a press briefing at the Dangote Refinery in Lekki, Lagos.
Founder and President of Dangote Group, Aliko Dangote, has announced a nationwide reduction in petrol pump price to N739 per litre, effective from Tuesday, as part of efforts to stabilise fuel pricing and curb market manipulation.
The new price will take off initially at MRS filling stations in Lagos, following a downward review of the refinery’s gantry price from N828 to N699 per litre.
Speaking during a press briefing at the Lekki Refinery on Sunday, Dangote assured Nigerians that the price reduction would be enforced, stressing his determination to prevent artificial inflation of petrol prices.
According to him, the N699 gantry price already includes statutory charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), leaving minimal justification for excessive pump prices across the country.
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Dangote accused some marketers of deliberately keeping prices high, describing the practice as an attempt to undermine ongoing reforms in the downstream petroleum sector. He insisted that petrol selling for N900 or N970 per litre was unjustifiable under the current cost structure.
He urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other bulk buyers to take advantage of the lower gantry price, noting that the refinery is ready to supply large volumes to crash market prices.
Dangote further disclosed that petrol distribution costs within Lagos range between N10 and N15 per litre, questioning why consumers continue to face inflated pump prices nationwide.
He also criticised the NMDPRA over the issuance of 47 import licences for over 7.5 billion litres of petrol for the first quarter of 2026, warning that such actions discourage local refining and threaten the survival of modular refineries.
According to him, Dangote Refinery has sufficient capacity to meet domestic demand, adding that continued fuel importation undermines investor confidence in Nigeria’s energy sector.
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