Amanze Chinonye
Dangote Petroleum Refinery has intensified its campaign to reduce petrol prices nationwide, cutting its ex-depot (gantry) price to ₦699 per litre and enforcing a ₦739 per litre retail cap, in a move aimed at protecting its $20 billion investment and curbing excessive imports.
The development follows Dangote’s concerns that some filling stations were maintaining high pump prices, undermining efforts to make petrol affordable during the yuletide season. Speaking at the Lekki refinery on Sunday, Aliko Dangote, President of the Dangote Group, said he was determined to defend the refinery’s long-term investment.
“I must have a strategy on how to survive because $20 billion of investment is too big to fail. We are in a situation where we continue to play cat and mouse and, at the end of the day, somebody will give up either we give up or they will give up, and I don’t think I will give up,” Dangote said.
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He added that fuel importers stand to lose as the refinery reduces prices, stressing that he is not making quick profits.
“I am not printing money. I am also losing money. It’s not that I’m making money, but marketers want imports to continue,” he said.
Dangote confirmed that MRS and other refinery partners will commence retail sales at ₦739 per litre, starting Tuesday, with the intention of curbing artificially inflated prices.
“Starting from Tuesday, MRS will start selling petrol at ₦739/litre. Definitely, we will enforce that low price. If you have your truck, you can come here and buy it. We are selling at ₦699. The N699 includes the percentage of NMDPRA. So what actually comes out to us is about N389 or so,” Dangote said.
He urged marketers and bulk buyers to take advantage of the discounted gantry price:
“We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699. We are going to use whatever resources that we have to make sure that we crash the price down. For this December and January, we don’t want people to sell petrol for more than N740 nationwide,” he added.
Dangote criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences for over seven billion litres in the first quarter of 2026, a move he says is harming domestic refineries and inflating retail prices.
“Freight within Lagos is N10 or N15, maximum. So if it’s N10 to N15, everything is going to cost you N715. Why do you want to sell at N900? People should get the real price,” Dangote said.
He also highlighted the challenges facing modular refineries, stating they are nearly collapsing and failing to make profits, contrasting this with his own refinery, which continues to produce at scale despite losses.
The refinery’s aggressive pricing strategy is already reshaping the downstream sector, putting pressure on fuel importers and some marketers who rely on imported products to sustain high margins. Analysts say enforcing the ₦739 retail price cap could signal a major shift in Nigeria’s downstream petroleum pricing dynamics, potentially reducing dependence on imported fuel while protecting domestic refining investments.
As Dangote Petroleum Refinery drives this competitive strategy, the industry is watching whether other partners and regulators will align to maintain lower prices and ensure widespread implementation nationwide.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
