President of the Dangote Group, Aliko Dangote, has said the pump price of premium motor spirit (PMS), also known as petrol, will come down to N740 per litre at filling stations across the country.
Dangote, who spoke during a media briefing in Lagos on Sunday, said the new price will take effect on Tuesday, December 16.
Pinnacle Daily had reported that the refinery reduced its ex-depot price from N828 to N699 per litre last week. The latest price represents a N129 (15.6 per cent) reduction.
The new pricing, which took effect from December 12, 2025, marks the 20th petrol price adjustment done by the 650,000 barrels per day refinery this year, as it pushes towards advancing Nigeria’s quest for energy self-sufficiency through local refining.
“We are going to make sure that even if you buy in Kano, Maiduguri, or Port Harcourt, we are going to bring the price down. Petrol should not sell more than N739 or N740 per litre at most,” Aliko Dangote stated.
He said the new pump price will first be implemented by MRS beginning from Tuesday, December 16, while other filling stations, including independent marketers, will follow thereafter. “We have also asked members of IPMAN to come. Anybody who can buy 10 trucks, come and buy at N699,” Dangote said.
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He assured that the refinery would do whatever it takes to bring down the price for the benefit of Nigerian consumers.
“We are going to use whatever resources we have to make sure that we crash the price down. By the grace of God, within a week to 10 days, we will be able to deliver. We don’t want to see, at least for this December and January, petroleum products sold above N740 nationwide,” he added.
He vowed that the refinery would continue to fight attempts to sabotage efforts to stabilise fuel prices across the country.
Dangote Faults NMDPRA for Issuing ‘Reckless Licences’
Dangote said some people are bent on preventing Nigerians from enjoying lower prices of petrol. He accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of issuing licences “recklessly” to importers who bring in cheap and substandard petroleum products into the country, including the Russian crude. According to him, the Russian crude comes at a discount of about $20 to $25 when compared to Nigerian crude. “Let me also make it clear that the Russian product comes at a $20 to $25 discount in terms of tonnage of crude.”
“The NMDPRA has issued reckless licenses. We have to complain to the government because they normally issue licenses in the middle of the month. Now, they are ready to issue about 7.5 billion litres for the first quarter of 2026. Despite that, we are still guaranteed to supply enough,” he said.
READ ALSO: Nigeria’s Daily Petrol Consumption Rises to 56.7 Million Litres in October – NMDPRA
He faulted the leadership of Farouk Ahmed as NMDPRA chief executive, describing him as a trader who shouldn’t be in the position of regulating a government agency.
The billionaire industrialist claimed that the activities of the regulator are discouraging investment in the downstream petroleum industry, making Nigeria pay the bigger price.
He said it will be difficult for the Nigerian National Petroleum Company (Limited) to get a buyer of the refineries because the environment is not conducive for investment.
Crude Supply
Dangote said the refinery buys no less than 100 million barrels of crude oil annually since it started from the U.S., which has been the major supplier. He added that the company also buys crude from some African countries, including Ghana.
“When we double capacity, they will likely supply us over 200 million barrels per annum. The U.S. is a major beneficiary, and we also supply them with aviation fuel and gasoline,” he added.
Dangote revealed that NNPCL only supplies between 4.5 and 5 million barrels monthly to his refinery out of 19 million it is supposed to supply.
He expressed frustration over the activities of marketers engaged in the importation of petroleum products, vowing that his $20 billion refinery investment; is too big to lose in “the game of cat and mouse.”
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
