Aliko Dangote, Founder and President of the Dangote Group, has announced a reduction in petrol prices to ₦739 per litre nationwide, starting Tuesday. The new price will initially be implemented at MRS stations in Lagos. Dangote made this announcement at a press briefing at the Lekki Refinery on Sunday, where he also revealed that the refinery had lowered its gantry price from ₦828 to ₦699 per litre two days prior.
The price reduction is part of Dangote’s effort to combat price manipulation and ensure that petrol is sold at a fair price. He expressed concern that some filling stations were deliberately keeping prices high, undermining the intended reduction. Dangote urged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to purchase fuel at the lower gantry price, offering to sell up to 10 trucks at ₦699 per litre.
Dangote also questioned the high transport costs associated with petrol, stating that transporting the fuel from the refinery costs no more than ₦15 per litre. He criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing import licenses, which he believes discourages local investment and threatens modular refineries.
The reduction in petrol prices is expected to have a significant impact on the Nigerian market, where high fuel prices have been a concern for consumers. Dangote’s commitment to ensuring fair prices and combating price manipulation is seen as a positive step towards stabilizing the market. With the new price set to take effect on Tuesday, consumers can expect some relief from the high fuel prices.
In the broader context, the development is part of the ongoing efforts to improve the Nigerian petroleum industry. The Dangote Refinery, which is one of the largest in Africa, is expected to play a key role in meeting the country’s fuel needs and reducing reliance on imports. As the industry continues to evolve, it is likely that there will be further developments and announcements related to fuel prices and the petroleum sector.
