By Our Reporters
In a dramatic move set to redefine Nigeria’s fuel market, Alhaji Aliko Dangote, President of the Dangote Group, has announced a mandatory cap on the pump price of petrol, declaring that it must not exceed N739 per litre nationwide beginning Tuesday.
The announcement, made at a press briefing at the Dangote Petroleum Refinery in Lekki on Sunday, represents a direct and forceful intervention by the industrialist to control retail prices after slashing the refinery’s gantry price to oil marketers to N699 per litre just two days prior.
Mr Dangote issued a stern warning to oil marketers, accusing some of colluding with unnamed officials to sabotage efforts to bring down prices for consumers. He vowed to use the full weight of his company’s resources to enforce the new price regime, starting with partner stations.
‘We Will Fight to Crash Price’
“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again,” Mr Dangote said.
He outlined a clear enforcement strategy, targeting major marketers and independent operators: “We have also asked members of IPMAN to come now. We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699.”
The billionaire businessman framed the next two months as a critical period for consumer relief, directly addressing those he believes are profiteering.
“We are going to use whatever resources that we have to make sure that we crash the price down. We will get these sales; maybe it will take us a week to 10 days. But first of all, within a week to 10 days, we will be able to deliver. For this December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price to sabotage the government, we will fight as much as we can to make sure that these prices are down.”
Questioning High Margins, Attacking Regulator
Mr Dangote challenged the economic logic behind the current high pump prices, revealing that transportation costs from his Lekki refinery are minimal. “Freight within Lagos is N10 or N15, maximum. So if it’s N10 to N15, everything is going to cost you N715. Why do you want to sell at N900? People should get the real price. I cannot come now and take the hit. Did we make money? No, we didn’t make money.”
He then launched a startling accusation against the industry regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), alleging actions that threaten local refinery investments. “But as we speak now, even our tanks are full because the NMDPRA has issued reckless licences. And we have to now go and complain to the government.”
Mr Dangote provided specific figures, claiming the regulator was poised to authorise massive new imports despite his refinery’s capacity. “They normally issue licences in the middle of the month. So, they are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity.”
In a robust defence of his investment and a swipe at competitors, he dismissed notions of creating a monopoly. “If you are talking about monopoly, did we stop anybody? They issued 47 licences. Let those people come and put up a refinery here, or let them go and buy even NNPC’s and operate them. If it’s profitable, they should go and do that now.”
He also claimed the nascent modular refinery sector was struggling, stating, “Those modular refineries, I can tell you for nothing that they are almost on the verge of collapse. None of them is making a dime.”
Reinforcing the new price architecture, Dangote said: “If you have money to come and buy, you can pick up petrol at N699. Starting from Tuesday, MRS will start selling petrol at N739/litre. Definitely, we will enforce that low price. We will make sure that it’s implemented. If you have your truck, you can come here and buy it. We are selling at N699. The N699 includes the percentage of NMDPRA. So what actually comes out to us is about N389 or so.”
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