Aliko Dangote, President of the Dangote Group, has announced plans to further reduce the price of Premium Motor Spirit (PMS), commonly known as petrol, across Nigeria. This development follows less than 24 hours after the entrepreneur first signaled an imminent cut in petrol prices, and it is expected to bring relief to commuters and businesses nationwide.
In a company statement, Dangote noted that its subsidiary, MRS— which operates more than 2,000 filling stations across the country—has already begun selling petrol in Lagos at ₦739 per litre, down from ₦885. The president assured that the pump price will continue to fall, with all MRS stations set to sell PMS at no more than ₦740 per litre from Tuesday, starting in Lagos.
The Dangote Petroleum Refinery has also lowered its minimum purchase requirement from two million litres to 500,000 litres. This change enables a broader range of marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate in product offtake, thereby increasing participation and improving nationwide distribution.
Dangote emphasized that Nigerians will be the ultimate beneficiaries of domestic refining. The refinery operates around the clock to ensure that recent reductions in gantry prices are fully reflected at the retail level. It is producing straight‑run fuels, which are of higher quality than blended products imported from overseas markets. Despite challenges and resistance from vested interests, the refinery plans to deploy its fleet of Compressed Natural Gas (CNG) trucks in the coming days to sustain affordable distribution across the country.
Reiterating his commitment to protect the refinery as a strategic national asset, Dangote warned that it must not be allowed to fail. The reduction in petrol prices is expected to have a significant impact on the Nigerian economy, providing relief to commuters and businesses. As the refinery continues to increase production and distribution, further cuts in petrol prices are anticipated, making fuel more affordable and accessible nationwide.
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