Petrol to Sell at ₦740 per Litre as Dangote Accuses Regulators of Sabotage
Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, has announced that petrol (PMS) will sell for no more than ₦740 per litre starting tomorrow, beginning in Lagos.
Dangote made this announcement during a press briefing at the Dangote Petroleum Refinery. He said the price drop follows a reduction in the refinery’s gantry price to ₦699 per litre. According to him, MRS filling stations will be the first to sell at the new price.
Dangote accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of undermining local refining by continuing to issue fuel import licences despite Nigeria having enough local refining capacity.
He alleged that the regulator is working with foreign traders and fuel importers to frustrate domestic refineries. Dangote described this action as economic sabotage and called for a full investigation into the agency’s operations.
He revealed that import licences for about 7.5 billion litres of petrol have reportedly been issued for the first quarter of 2026, even though Nigerian refineries can meet local demand. He warned that this policy is pushing modular refineries to the brink of collapse.
Dangote said he is not asking for the removal of the NMDPRA leadership but wants transparency and accountability. He stressed that regulators should not have business interests in the sectors they regulate.
According to him, the continued dependence on fuel imports is damaging Nigeria’s economy, discouraging investment, and benefiting a small group at the expense of the country.
Dangote said Nigerians will benefit from locally refined fuel through lower prices and better quality, noting that refinery products sold through MRS stations are straight-run fuels, unlike blended imported fuel.
To make petrol more accessible, he said the refinery has reduced the minimum purchase volume from two million litres to 500,000 litres, allowing more independent marketers to buy directly.
He also disclosed plans to deploy compressed natural gas (CNG) trucks nationwide to help maintain affordable fuel prices and said the refinery is ready to buy more trucks if needed.
Responding to complaints from fuel importers about losses, Dangote said the refinery was built for Nigerians, not importers. He added that anyone who continues importing fuel despite available local supply must accept the consequences.
Dangote revealed plans to list the refinery on the Nigerian Exchange, allowing Nigerians to own shares. He said discussions are ongoing to allow people to buy shares in naira while earning dividends in dollars.
He also accused regulators of publishing misleading figures that understate the refinery’s actual production capacity, saying this is done to justify fuel imports and keep prices high.
Dangote disclosed that the refinery imports crude oil from the United States, Ghana, and other countries because of insufficient local crude supply, even though Nigeria is an oil-producing nation.
He said domestic refiners are often forced to buy Nigerian crude at higher prices than foreign buyers.
He called on the government to fix crude oil pricing and tax assessment to stop revenue losses and ensure fairness.
“This refinery is for Nigerians first, and I am not giving up,” Dangote said.
