Petrol prices across Nigeria may see a significant drop in the coming days as MRS Oil Nigeria and other partners of the Dangote Petroleum Refinery prepare to begin selling fuel at ₦739 per litre, barring any last-minute changes.

The development follows a fresh reduction in the refinery’s gantry price, which was cut from ₦828 to ₦699 per litre, reinforcing expectations of relief for consumers after months of high pump prices.

MRS to Lead Implementation from Tuesday

Speaking during a press briefing at the Dangote Petroleum Refinery in Lekki on Sunday, Aliko Dangote, President of the Dangote Group, disclosed that MRS filling stations would be the first to reflect the new price, starting from Tuesday, with other retail partners expected to follow shortly.

Dangote expressed frustration that despite previous reductions at the refinery level, some filling stations had continued to sell petrol at elevated prices, undermining the intended benefits of local refining.

According to him, the new ₦739 per litre price is designed to end what he described as “artificial price inflation” by marketers.

Allegations of Sabotage by Marketers, Officials

Dangote alleged that certain officials had held meetings with marketers, encouraging them to maintain high pump prices in order to frustrate price reductions and discourage local production.

He vowed that his company would deploy all available resources to ensure the new pricing regime takes effect nationwide, particularly during the critical December–January period when fuel demand typically rises.

“We don’t want people to sell petrol for more than ₦740 nationwide. Anyone trying to keep prices high to sabotage the government, we will fight it,” Dangote said.

He added that any marketer with the capacity to lift products directly from the refinery would be allowed to do so at ₦699 per litre, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).

Transport Costs Questioned

Dangote questioned why petrol prices at retail outlets had climbed as high as ₦900 per litre when transportation costs from the Lekki refinery within Lagos average ₦10–₦15 per litre.

By his calculation, even after logistics and regulatory charges, the total cost should not exceed ₦715 per litre, making higher pump prices difficult to justify.

“Why should anyone sell at ₦900 when people can buy at ₦699 directly from us?” he asked, insisting that consumers deserve to pay the “real price” of petrol.

Criticism of Fuel Import Licences

The Dangote Group chairman also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of undermining local investments by issuing import licences for over 7 billion litres of petrol in the first quarter of 2026.

According to him, the move threatens the viability of domestic refining, including modular refineries, many of which he said are struggling to survive.

Dangote argued that Nigeria should prioritize local production over imports, noting that the refinery has sufficient capacity to meet domestic demand.

“If refining is profitable, let them come and build refineries here,” he said, dismissing claims of monopoly and insisting that the market remains open.

Assurance of Enforcement

Dangote reassured Nigerians that the ₦739 per litre price would be enforced, beginning with MRS stations in Lagos before spreading nationwide within days.

He stressed that the refinery itself was not making excess profits, noting that regulatory deductions significantly reduce its margins.

“Starting from Tuesday, MRS will start selling petrol at ₦739 per litre. We will make sure that it is implemented,” he said.

When contacted for comment, the NMDPRA declined to respond to the allegations.