Filling stations to dispense petrol at N739 from Tuesday – Dangote

Aliko Dangote, Chairman of Dangote Petroleum Refinery, has disclosed that MRS and other filling stations purchasing Premium Motor Spirit (PMS) from his refinery will begin dispensing fuel at N739 per litre starting Tuesday in Lagos.

Dangote stated this on Sunday during a press briefing, recalling the earlier reduction of the ex-depot price from N828 to N699 per litre.

The latest reduction which has been widely acknowledged represents a N125 per cent reduction at a go.

The new pricing took effect on December 11, 2025, marking the 20th petrol price adjustment implemented by the refinery this year as Dangote continues to fine-tune domestic supply dynamics.

Speaking at the refinery yesterday, Dangote called on members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) to patronise the refinery, reaffirming that sales to marketers would remain at N699 per litre.

“We are going to start with MRS stations, most likely on Tuesday, in Lagos. We have also asked members of IPMAN to come. Anybody who can buy 10 trucks, come and buy at N699,” Dangote said.

He expressed confidence in his company’s determination to ease the burden of fuel prices during the Yuletide season.

“We are going to use whatever resources we have to make sure that we crash the price down. By the grace of God, within a week to 10 days, we will be able to deliver. We don’t want to see, at least for this December and January, petroleum products sold above N740 nationwide,” he added.

Dangote warned that his company would resist any attempts to sabotage efforts to stabilise fuel prices.

Faults NMDPRA over reckless licensing

Dangote criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for what he described as “reckless issuance of licenses.”

“The NMDPRA has issued reckless licenses. We have to complain to the government because they normally issue licenses in the middle of the month. Now, they are ready to issue about 7.5 billion litres for the first quarter of 2026. Despite that, we are still guaranteed to supply enough,” he said.

He revealed that his company purchases over 100 million barrels of crude oil annually from the United States, despite the high naira-to-crude premium.

“We buy from Ghana and some African countries, but the U.S. has been our major supplier. On average, we buy no less than 100 million barrels yearly from the U.S. When we double capacity, they will likely supply us over 200 million barrels per annum. The U.S. is a major beneficiary, and we also supply them with aviation fuel and gasoline,” he said.

We won’t Cap Share ownership

Dangote said the refinery would soon list its shares on the exchange, allowing every Nigerian to own part of the business.

“Our main interest is to list at the exchange so that every living Nigerian can own part of the refinery. When we sell shares, we won’t put a cap. If Nigerians buy 55% and I’m left with 45%, so be it — this is about legacy,” he said.

He added that dividends for diaspora investors would be paid in dollars due to the refinery’s significant foreign sales.

“We’ll ensure dividends are paid in dollars since a major part of our sales are in foreign currency. We’ll be a major supplier of forex into the market,” he said.

NNPC supplies five million barrels monthly

Dangote revealed that the highest volume of crude the Nigerian National Petroleum Company Limited (NNPCL) supplies to his refinery is between 4.5 and 5 million barrels monthly.

“It’s between four and a half to five million barrels in total, out of 19,” he said.

Dangote noted that the President had approved the immediate implementation of a 15 percent import duty on refined petroleum products to protect domestic industries.

He said despite the suspension of the policy in November, his refinery still reduced the pump price by N49, demonstrating commitment to affordability.

“The 15 percent is just a warning to discourage imports. Even though the implementation was suspended, we still reduced the price by N49. That’s about N60 billion in a month — not a small amount,” he said.

I pray marketers continue to lose- Dangote

Dangote expressed frustration over the actions of some fuel marketers, accusing them of undermining local refining efforts through continued importation.

“I pray and wish the marketers will lose more because I’m not printing money — I’m also losing. They want imports to continue, but that’s not right. This is a $20 billion investment; it’s too big to lose. It’s a game of cat and mouse — someone will give up, but it won’t be me,” he stated.

Dangote threatens to sue machine manufacturers over sabotage

Dangote also alleged that certain machine manufacturers and vested interests had sabotaged refinery operations, saying he is considering litigation.

He compared the scale of corruption in the oil sector to drug cartels, saying the latter were “smaller” in comparison.

“The oil and gas cartel is worse than the drug mafia. They try to frustrate operations, raise insurance claims, and inflate premiums. We employ over 2,000 security personnel — not regular guards, but real security professionals,” he said.

Stakeholders hail Dangote’s price reduction

Economist Paul Alaje described the petrol price reduction by Dangote as a defining moment for Nigeria’s economic direction, saying the reduction is unprecedented.

“There are moments in a nation’s economic journey when a single decision carries implications far beyond the numbers on a price sheet,” he said.

According to him, it is not merely a reduction in the cost of a commodity; it is a strategic signal, a patriotic intervention, and a significant shift in Nigeria’s pursuit of price stability, economic competitiveness, and national resilience.

He said, “For years, the price of petrol has been one of the most sensitive indicators of Nigeria’s economic health. It affects everything — transportation, food prices, logistics, business competitiveness, inflation expectations, household budgets, and ultimately, the social mood of the country. A change in petrol price is a change in the temperature of the entire economy.

This is why what happened today deserves more than a passing headline. It deserves analysis, acknowledgment, and appreciation.”

A professor of Petroleum Economics, Wunmi Iledare, has implored regulators in the country’s oil and gas sector to be vigilant about petrol price reduction, saying it must not strangulate independent marketers.

He said, “Dangote Refinery’s cut in ex-depot petrol price from N828 to N699 per litre is a welcome step that could ease pressure on consumers and transport operators nationwide. However, this development also reinforces the reality of an increasingly concentrated downstream market.

“Regulators must stay alert. Strong oversight is needed to ensure the lower price is passed on fairly at the pump, prevent discriminatory supply practices, and protect smaller marketers who keep the system competitive.

“This is a positive move, but Nigeria’s downstream market requires vigilant monitoring to avoid dominance risks and ensure real benefits reach citizens.”

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