Unless there are any last-minute changes, MRS and other associates of the Dangote Petroleum Refinery are expected to start selling petrol at N739 per litre.

This announcement follows the refinery's recent reduction of its petrol gantry price from N828 to N699 per litre just two days ago.

During a press conference at the Lekki refinery on Sunday, Alhaji Aliko Dangote, the President of the Dangote Group, expressed his concerns that, despite the lowered gantry prices, certain filling stations still maintain elevated pump prices, undermining his efforts.

He stated that MRS would begin selling petrol at N739 per litre starting Tuesday, with other partners likely to follow suit soon after.

Dangote accused some officials of meeting with specific marketers, advising them to keep prices high to sabotage the price cuts, adding that he is determined to enforce the new pricing policy.

“I was informed that marketers met with (certain officials) who instructed them to ensure prices remain elevated. However, with the price we are about to set, starting at MRS stations probably on Tuesday in Lagos, the price of N970 per litre will no longer be seen. We have also extended an invitation to members of IPMAN to come forward. We’ve asked anyone who can purchase 10 trucks to come and buy at N699.”

“We are committed to using all available resources to significantly lower the prices. Our goal is to achieve these sales within a week to ten days. For December and January, we aim for petrol prices not to exceed N740 nationwide. Those who intend to keep prices inflated to hinder the government will face our opposition as we strive to reduce these prices. That’s not the appropriate cost. If you have the funds, you can purchase petrol at N699,” he stated.

Dangote mentioned that transporting petrol from the refinery incurs a cost of no more than N15 per litre, questioning the rationale behind pump prices soaring to N900 per litre.

He further accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of granting 47 import licences for over seven billion litres of petrol in the first quarter of 2026, a decision he believes is detrimental to local investments.

“Freight costs within Lagos range from N10 to N15 at most. Thus, if it’s between N10 and N15, the total should be around N715. Why sell at N900? Consumers need to know the true cost. I cannot simply bear the loss. Did we profit? No, we did not. Yet, as of now, our tanks are filled because the NMDPRA has issued reckless licences, forcing us to raise our concerns with the government.”

“Licences are typically issued in the middle of the month. Now, they’re prepared to issue licences for approximately 7.5 billion litres for the first quarter of 2026, even though we have guaranteed sufficient supply.”

“If you’re referring to monopolistic practices, who have we restricted? They have issued 47 licences. Let those entities establish a refinery here, or purchase NNPC's operations and manage them. If it’s lucrative, they should pursue that path now. NNPC previously was the sole entity responsible for fuel imports.”