Africa’s richest man and President of Dangote Group, Aliko Dangote, has declared an all out move to crash petrol prices across Nigeria, announcing that marketers can now buy fuel directly from his refinery at ₦699 per litre, with a warning that the era of selling petrol at ₦900 is coming to an end.
Dangote made the declaration while addressing concerns over rising pump prices, stating that anyone capable of buying 10 trucks of petrol is free to do so at ₦699 per litre. He said his company is ready to deploy all available resources to force prices down and protect Nigerians from what he described as artificial inflation and sabotage.
According to him, within seven to ten days, the refinery will deliver large volumes nationwide, stressing that for December and January, petrol should not sell above ₦740 anywhere in the country. Dangote said marketers or middlemen deliberately hiking prices would be confronted head on.
He questioned claims that logistics justify pump prices as high as ₦900 per litre, explaining that transporting petrol within Lagos costs between ₦10 and ₦15 per litre. By his calculation, total landing cost should not exceed ₦715, making higher prices unjustifiable.
Dangote also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, of undermining local refining by issuing what he described as reckless import licences. He revealed that 47 licences were granted to import over seven billion litres of petrol for the first quarter of 2026, despite assurances that local refineries could meet demand.
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He warned that such actions were choking investments and leaving locally refined fuel unsold, noting that storage tanks are already full. According to him, most modular refineries are close to collapse and are operating at losses due to unchecked fuel imports.
Responding to monopoly allegations, Dangote dismissed the claims, arguing that no one has been stopped from investing in refineries. He challenged those complaining to either build refineries, acquire existing ones, or operate NNPC facilities if the business is truly profitable.
The billionaire businessman further announced that the ₦739 per litre pump price will be enforced immediately, beginning with MRS filling stations from Tuesday. He assured Nigerians that compliance would be monitored closely.
Dangote explained that the ₦699 ex depot price already includes regulatory charges, adding that the refinery itself earns far less per litre, but is willing to absorb the pressure to stabilise the market and protect consumers.
When contacted for a response, NMDPRA spokesperson George Ene Ita declined to comment on the allegations.
