Aliko Dangote, founder and president of the Dangote Group, announced a nationwide reduction in petrol prices to ₦739 per litre, effective Tuesday. The new price will first be applied at MRS stations in Lagos. Dangote made the announcement at a press briefing held at the Lekki Refinery on Sunday, where he also disclosed that the refinery had lowered its gantry price from ₦828 to ₦699 per litre two days earlier.
The price cut is part of Dangote’s effort to combat price manipulation and ensure that petrol is sold at a fair rate. 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 ten trucks at ₦699 per litre.
Dangote also questioned the high transport costs associated with petrol, stating that moving 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 licences, 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 costs have long been a concern for consumers. With the new price set to take effect on Tuesday, consumers can anticipate some relief. In the broader context, the development reflects ongoing efforts to improve Nigeria’s petroleum industry. The Dangote Refinery, one of the largest in Africa, is poised to play a key role in meeting the country’s fuel needs and reducing reliance on imports, and further announcements on fuel prices and the sector are likely as the industry evolves.
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