Dangote Reveals New Petrol Price Effective Tuesday.

Petrol marketers affiliated with the Dangote Petroleum Refinery, including MRS, are set to begin selling fuel at a significantly reduced pump price, barring any last-minute changes.

The development follows the refinery’s decision to cut its petrol gantry price from N828 to N699 per litre two days earlier.

Speaking during a press briefing at the Lekki refinery on Sunday, President of the Dangote Group, Alhaji Aliko Dangote, said MRS stations would commence sales at N739 per litre from Tuesday, with other partner outlets expected to follow shortly.

Dangote expressed concern that despite reductions at the gantry level, some filling stations often retain high pump prices, thereby undermining efforts to ease the burden on consumers.

According to him, reports reached him that certain officials had allegedly held meetings with marketers and encouraged them to maintain high prices to frustrate the price reduction initiative.

He insisted that the refinery would deploy all available resources to ensure the new pricing regime is enforced nationwide.

Dangote stated that from December through January, no petrol should be sold above N740 per litre across the country, stressing that any attempt to sabotage the price reduction would be resisted.

He disclosed that marketers willing to purchase fuel directly from the refinery could do so at N699 per litre, noting that buyers with the capacity to lift up to 10 truckloads were welcome.

The billionaire businessman said it may take between one week and ten days to fully stabilise supply nationwide, but assured Nigerians that the price cut would be sustained.

He questioned why petrol should retail for as much as N900 per litre when transportation from the refinery costs no more than N15 per litre, arguing that the realistic pump price should reflect the reduced logistics cost.

Dangote also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority for issuing 47 import licences for over seven billion litres of petrol in the first quarter of 2026, a move he said was harmful to local refining investments.

He noted that despite the refinery’s ability to meet domestic demand, the issuance of import licences had resulted in full storage tanks and threatened the survival of modular refineries across the country.

Rejecting claims of monopoly, Dangote said the market remained open to competition, adding that anyone who believed fuel importation was profitable should invest in refining locally.

He revealed that modular refineries were struggling to survive, stating that many were barely breaking even.

Dangote assured Nigerians that the new pump price would be enforced, beginning with MRS stations from Tuesday, reiterating that fuel would continue to be sold at N699 per litre at the refinery.

Reacting to the development, the spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, George Ene-Ita, declined to comment, saying the agency had no response at the moment.