Dangote to Nigerians: Expect further reduction in petrol prices

Moronfolu Adeyemi

President of Dangote Group, Alhaji Aliko Dangote, has promised further reductions in the price of Premium Motor Spirit (PMS), commonly known as petrol.

This comes less than 24 hours after announcing an initial price cut to ensure domestic refining ultimately benefits consumers through better quality and affordability.

In a statement issued on Monday, Dangote confirmed that MRS, which operates over 2,000 filling stations across Nigeria, have begun selling petrol at N739 per litre in Lagos, down from N885, providing immediate relief to commuters and businesses.

“From Tuesday, all MRS stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” Dangote said.

He added that the refinery had lowered its minimum purchase requirement from two million litres to 500,000 litres to enable more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to access the product.

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“So if you come to the refinery today, you will get PMS at N699 per litre,” he stated.

Dangote emphasised that Nigerians would benefit from domestic refining, as the refinery works round the clock to ensure reductions at the gantry are reflected at retail outlets.

He highlighted the quality advantages of locally refined fuel, describing PMS from MRS and other refinery offtakers as straight-run fuels, unlike blended products imported from overseas.

“Nigerians have a choice: to buy better-quality fuel at a more affordable price, or to buy blended PMS at a higher rate. Importers can continue to lose, as long as Nigerians benefit, I am happy,” he said.

Addressing concerns from some oil importers over potential losses, Dangote insisted that the refinery was established to serve Nigerians.

“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he said.

He also reaffirmed his commitment to protecting the refinery as a strategic national asset, noting plans to expand logistics capacity with additional Compressed Natural Gas (CNG) trucks if necessary.

“If 4,000 CNG trucks are not enough, we will buy another 4,000. This is a logistics business,” Dangote concluded.

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