Aliko Dangote has moved to force down petrol prices nationwide, announcing a new pump price of N739 per litre amid accusations that marketers and some officials are deliberately frustrating price reductions.
Speaking at the Dangote Petroleum Refinery in Lekki on Sunday, the billionaire industrialist said MRS filling stations would begin selling petrol at N739 per litre from Tuesday, with other partner stations expected to follow.
The move comes two days after the refinery cut its gantry price from N828 to N699 per litre, a reduction Dangote said was not being reflected at retail outlets.
Dangote accused some marketers of colluding with officials to keep pump prices high, warning that his company would deploy “all available resources” to enforce the new price regime.
“For December and January, Nigerians should not be buying petrol above N740 per litre,” he said, adding that transportation costs from the refinery were no more than N15 per litre.
He also criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences covering about 7.5 billion litres of petrol for the first quarter of 2026, a move he said was undermining local refining and threatening modular refineries with collapse.
Dangote assured Nigerians that the new pump price would be implemented, starting with MRS stations in Lagos.
