Founder and President of the Dangote Group, Aliko Dangote, has announced a major reduction in petrol pump prices, declaring that Premium Motor Spirit will sell for ₦739 per litre nationwide starting Tuesday, with MRS filling stations in Lagos leading the rollout.
Speaking on Sunday during a media briefing at the Lekki Refinery, Dangote disclosed that the refinery had already cut its gantry price from ₦828 to ₦699 per litre, a move he said was aimed at forcing a downward adjustment in retail prices across the country.
According to him, the ₦739 pump price reflects the new gantry rate plus legitimate regulatory and distribution costs, stressing that the refinery’s actual earnings are far lower than the public assumes.
“From Tuesday, MRS will begin selling petrol at ₦739 per litre. We will ensure that price is enforced and implemented,” Dangote said.
He added that marketers and bulk buyers are free to purchase petrol directly from the refinery at the ₦699 gantry price, noting that the figure already includes regulatory charges.
Dangote accused some marketers of deliberately refusing to pass on cost reductions to consumers, alleging that inflated pump prices were being sustained despite the availability of cheaper supply.
“₦970 is not the real price. Anyone with the money can come here and lift petrol at ₦699. Those trying to keep prices high to sabotage the system, we will challenge them,” he said.
The billionaire industrialist revealed that he had been informed that certain marketers were being encouraged to maintain high prices, but insisted such practices would not survive once the new pricing structure takes hold.
“We are starting with MRS stations in Lagos, and once this begins, that ₦970 per litre will disappear,” he stated.
Dangote also urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other large-scale buyers to take advantage of the reduced price, assuring them of sufficient supply capacity.
“Anyone who can take up to 10 trucks can buy at ₦699. Within seven to ten days, we can deliver. For December and January, petrol should not sell above ₦740 anywhere in Nigeria,” he said.
Questioning current pump prices approaching ₦900 in some areas, Dangote said transportation costs from the refinery do not exceed ₦15 per litre, even within Lagos.
“If the total cost is around ₦715, why should anyone sell at ₦900?” he asked.
