Barring any last-minute change, MRS and other partners of the Dangote Petroleum Refinery are set to begin selling petrol at N739 per litre.
The development follows a reduction in the refinery’s petrol gantry price from N828 to N699 per litre. Speaking at a press briefing at the Lekki refinery on Sunday, President of the Dangote Group, Alhaji Aliko Dangote, said the new pump price would take effect from Tuesday, beginning with MRS filling stations, while other partner marketers would follow.
Dangote expressed concern that despite lower ex-depot prices, some filling stations often keep pump prices high, undermining efforts to reduce costs for consumers. He alleged that certain officials had encouraged some marketers to maintain high prices in order to frustrate the price reduction, adding that he was determined to ensure the new price regime was enforced.
According to him, petrol would no longer sell at N970 per litre, as marketers would be able to buy directly from the refinery at N699 per litre. He said any marketer capable of lifting up to 10 trucks of petrol was welcome to do so at the revised price, stressing that the company would deploy all available resources to ensure nationwide compliance.
Dangote said the refinery planned to stabilise petrol prices within a week to 10 days, adding that for December and January, petrol should not sell for more than N740 per litre across the country. He noted that the cost of transporting petrol from the refinery was no more than N15 per litre, questioning why pump prices in some locations had risen to as high as N900 per litre.
He also criticised the issuance of multiple petrol import licences, warning that excessive imports were hurting local refining investments. Dangote said import approvals covering billions of litres of petrol had been issued despite assurances that local refineries could meet domestic demand, a situation he said was affecting refinery operations and local capacity utilisation.
He maintained that the refinery was not operating as a monopoly, noting that several licences had been issued to importers and that other investors were free to build or acquire refineries if the business was profitable. He added that many modular refineries were struggling financially under the current market conditions.
Dangote assured Nigerians that the N739 per litre pump price would be implemented, starting with MRS stations on Tuesday, and reiterated that petrol was available for purchase directly from the refinery at N699 per litre.
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