Founder and President of Dangote Group, Mr. Aliko Dangote, has announced that the pump price of petrol will drop to ₦739 per litre nationwide from Tuesday, with initial implementation at MRS filling stations in Lagos.

Mr. Dangote disclosed this during a press briefing at the Lekki Refinery on Sunday, revealing that the refinery had already reduced its gantry price from ₦828 to ₦699 per litre two days earlier.

He assured Nigerians that the ₦739 per litre price would be enforced, pledging to confront price manipulation in the downstream sector.

“Starting from Tuesday, MRS will begin selling petrol at ₦739 per litre. We will definitely enforce that low price and make sure it is implemented. If you have your truck, you can come here and buy it. We are selling at ₦699. The ₦699 includes the percentage of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). What actually comes to us is about ₦389 or so,” he said.

Mr. Dangote accused some marketers of deliberately keeping pump prices high in a bid to sabotage the government’s efforts.

“Those who want to keep prices high to sabotage the government, we will fight as much as we can to make sure these prices come down. ₦970 is not the price. If you have the money to come and buy, you can pick up petrol at ₦699,” he added.

He further alleged that some marketers had been encouraged to maintain high prices.

“I was told that marketers met with [some officials] and were told to ensure prices remain high. But the price we are introducing will start with MRS stations most likely on Tuesday in Lagos. That ₦970 per litre—you will not see it again,” he said.

Mr. Dangote urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other bulk buyers to take advantage of the lower gantry price.

“We have asked anyone who can buy 10 trucks to come and buy 10 trucks at ₦699. We will use whatever resources we have to make sure we crash the price down. Within a week to 10 days, we will be able to deliver.

“For this December and January, we do not want people to sell petrol for more than ₦740 nationwide,” he stated.

He explained that transporting petrol from the Lekki Refinery costs no more than ₦15 per litre, questioning why pump prices had climbed as high as ₦900.

“Freight within Lagos is ₦10 to ₦15, maximum. So if it’s ₦10 to ₦15, everything should cost about ₦715. Why do you want to sell at ₦900? People should get the real price,” he said.

Mr. Dangote also criticised the NMDPRA for issuing 47 import licences to bring in over 7.5 billion litres of petrol for the first quarter of 2026, warning that such actions discourage local investment and threaten the survival of modular refineries.

“They usually issue licences in the middle of the month. Now they are ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite our guarantee to supply sufficient quantities.

“Those modular refineries are almost on the verge of collapse. None of them is making a dime,” he said.