Dangote petrol price will drop again from Tuesday, as Aliko Dangote confirmed that petrol will sell for no more than ₦740 per litre in all MRS filling stations.
Dangote made the announcement on Sunday during a press briefing at the Dangote Refinery complex in Lagos.
He explained that the price reduction followed a cut in the refinery’s gantry price to ₦699 per litre. As a result, MRS stations will be the first to reflect the new price nationwide.
From Tuesday, Dangote said petrol sales in all MRS stations would begin at prices not exceeding ₦740 per litre, starting with Lagos.
Dangote Lowers Entry Barrier for Marketers
Dangote also announced a reduction in the refinery’s minimum purchase requirement. The threshold now stands at 500,000 litres, down from two million litres.
According to him, the change allows more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to buy directly from the refinery.
“So if you come to the refinery today, you will get PMS at ₦699 per litre,” he said.
CNG Trucks to Support National Distribution
Despite what he described as frustration and sabotage, Dangote said the refinery would deploy its Compressed Natural Gas (CNG) trucks in the coming days.
He added that the company is ready to acquire more trucks beyond the initial 4,000 units to maintain affordable pricing across the country.
Responds to Importers’ Complaints
Responding to concerns from fuel importers, Dangote said the refinery was built mainly to serve Nigerians.
“Anyone who chooses to keep importing despite local availability should be ready to face the consequences,” he said.
He stressed that fuel supplied through MRS and other offtakers are straight-run products, unlike blended imports.
“Nigerians can buy better quality fuel at a lower price,” he added.
Plans to List Refinery on Stock Exchange
Dangote said the refinery focuses more on legacy than profit. He noted that he could have invested the $20 billion elsewhere if profit was his only goal.
He disclosed plans to list the refinery on the Nigerian Exchange, allowing Nigerians to own shares.
Talks are also ongoing with the Securities and Exchange Commission (SEC) to enable Nigerians to buy shares in naira while earning dividends in dollars.
Crude Supply and Regulatory Concerns
Dangote accused the NMDPRA of misrepresenting the refinery’s capacity by publishing offtake figures instead of actual production.
“We have enough refined products to meet local demand,” he said.
He added that the refinery imports about 100 million barrels of crude oil annually from the United States, with plans to double that figure due to limited domestic supply.
“This refinery is for Nigerians first, and I am not giving up,” Dangote said.
