Motorists in Nigeria’s commercial hub are getting immediate relief at the pump after petrol produced by Dangote Petroleum Refinery began selling for as low as N739 a litre, following a sharp price cut announced by Africa’s richest man, Aliko Dangote.
Filling stations operated by MRS Oil Nigeria Plc, the refinery’s lead offtaker, on Monday reduced the pump price of Premium Motor Spirit (PMS) in Lagos to N739 per litre from about N885, less than 24 hours after Dangote flagged an imminent reduction.
The move comes amid mounting pressure on households and businesses grappling with elevated fuel and transport costs.
Speaking at a press briefing in Lagos on Sunday, Dangote said petrol prices would fall to no more than N740 per litre from Tuesday, starting in Lagos, with MRS, which operates more than 2,000 stations nationwide, leading the rollout. Several outlets implemented the change a day early.
“From Tuesday, all MRS stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” Dangote said.
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The billionaire industrialist said the refinery had also cut its minimum purchase requirement to 500,000 litres from two million litres, a step aimed at broadening access for more marketers, including members of the Independent Petroleum Marketers Association of Nigeria.
“So if you come to the refinery today, you will get PMS at N699 per litre,” Dangote said, adding that the plant was running round the clock to ensure gantry price cuts are reflected at retail outlets.
Dangote framed the reductions as evidence of the benefits of domestic refining, arguing that Nigerians should no longer be exposed to the volatility and cost of imported fuel. He said PMS supplied by the refinery and sold through MRS and other offtakers is straight-run fuel, contrasting it with blended imports.
“Nigerians have a choice: to buy better-quality fuel at a more affordable price, or to buy blended PMS at a higher rate,” he said. “Importers can continue to lose, as long as Nigerians benefit, I am happy.”
To support nationwide distribution, Dangote said the refinery would deploy its fleet of compressed natural gas trucks and was ready to expand beyond its existing 4,000 vehicles if needed.
He dismissed concerns from some importers that the lower prices would result in losses, saying the refinery was built primarily to serve local demand.
“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he said, describing the refinery as a strategic national asset that “must not be allowed to fail.”
Across Lagos, motorists welcomed the price cut. At an MRS station in Alapere, queues formed early as commuters sought to take advantage of the lower price.
“This is a relief for us, especially during the festive season,” said Adejare Israel, a commuter. “It’s sad that some people are still selling above N900 when we have locally refined fuel at a more affordable rate.”
A university lecturer, Hassan Olalekan, said the Dangote Refinery had again helped to avert fuel shortages during the year-end period while pushing prices lower.
He urged the federal government to reassess fuel import licences as domestic capacity expands, arguing that sustainable growth depends on strong local production.
