Dangote Signals Tougher Times For Importers As Fuel Price Falls To N739 Per Litre In Lagos
Petrol prices dropped sharply in Lagos on Monday as filling stations operated by MRS Oil Nigeria Plc, the lead offtaker of the Dangote Petroleum Refinery, began selling Premium Motor Spirit (PMS) at N739 per litre, down from N885.
The development came less than 24 hours after the President of Dangote Group, Aliko Dangote, announced an imminent reduction in petrol prices, bringing immediate relief to commuters, transport operators, and businesses across the city.
Speaking at a press conference in Lagos on Sunday, Dangote assured Nigerians that fuel prices would decline further, disclosing that PMS would sell at no more than N740 per litre from Tuesday, starting in Lagos. However, several MRS stations commenced implementation ahead of schedule.
“From Tuesday, all MRS stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” Dangote said.
He also announced that the Dangote Petroleum Refinery had slashed its minimum purchase requirement from two million litres to 500,000 litres, a move aimed at enabling more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to access refinery products.
“So if you come to the refinery today, you will get PMS at N699 per litre,” he stated.
Dangote reiterated that Nigerians would be the ultimate beneficiaries of domestic refining, stressing that the refinery was working round the clock to ensure that reductions at the gantry level were fully reflected at retail outlets nationwide.
He also highlighted the superior quality of locally refined fuel, noting that PMS supplied through MRS and other refinery offtakers is straight-run fuel, unlike blended products often imported from overseas markets.
“Nigerians have a choice: to buy better-quality fuel at a more affordable price or to buy blended PMS at a higher rate. Importers can continue to lose—so long as Nigerians benefit, I am happy,” Dangote said.
He disclosed that the refinery would soon deploy its fleet of Compressed Natural Gas (CNG) trucks to strengthen nationwide distribution and was prepared to procure additional units beyond its existing 4,000 trucks if necessary.
Responding to concerns from oil importers over potential losses, Dangote said the refinery was built primarily to serve Nigerians, describing it as a strategic national asset that must be protected.
Checks across Lagos showed long queues at several MRS stations, with motorists welcoming the price reduction. A commuter, Mr Adejare Israel, described the development as a major relief, especially during the festive season.
A university lecturer, Dr Hassan Olalekan, said the Dangote Refinery had, for the second consecutive year, helped prevent fuel scarcity during the festive period while also driving prices down. He called on the Federal Government to review fuel import licences in light of growing domestic refining capacity.
