Aliko Dangote, President of Dangote Refinery, announced that the retail price of Premium Motor Spirit (petrol) should not exceed N740 per liter nationwide. He made the statement during a briefing at the 650,000‑barrel‑per‑day refinery on Saturday, emphasizing the company’s commitment to lowering fuel prices. To achieve this, MRS filling stations in Lagos are expected to begin selling petrol at the new price starting Monday.
The refinery has also introduced incentives for the Independent Petroleum Marketers Association to purchase petrol products from the Lekki, Lagos‑based plant. Dangote pledged to use all available resources to combat sabotage and drive down fuel costs, saying, “We are going to use whatever resources that we have to make sure that we crash the price down.” He aims to fulfill this promise within a week to ten days, ensuring that petrol prices remain at or below N740 per liter for the remainder of December and January.
Dangote called for an investigation into the activities of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, headed by Farouk Ahmed. This appeal follows the refinery’s recent reduction of its gantry fuel price by N129 to N699 per liter last Thursday, a move intended to outcompete fuel importers, depot owners, and marketers in Nigeria’s downstream sector. Currently, many filling stations—including MRS, the Nigerian National Petroleum Company, and others—are selling fuel at prices ranging from N905 to N937 per liter.
The announcement has significant implications for the Nigerian market, where high fuel prices have been a major concern for consumers. Implementing the new price cap is expected to provide relief to motorists and other fuel users across the country. As the situation develops, it remains to be seen how the regulatory authority and other stakeholders will respond to Dangote’s initiatives and calls for investigation.
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