Aliko Dangote, President of the Dangote Group, has assured Nigerians of additional reductions in the price of Premium Motor Spirit (PMS), commonly known as petrol, building on recent cuts from his refinery.
The pledge comes just a day after announcing lower pump prices, with Dangote emphasizing that domestic refining will ultimately benefit consumers through better quality and affordability.
In a statement released on Monday, Dangote confirmed that MRS filling stations, which operate over 2,000 outlets across the country, have already begun selling petrol at ₦739 per litre in Lagos, down significantly from ₦885.
Starting Tuesday, these stations will cap prices at no more than ₦740 per litre, initially in Lagos.
At the refinery gate, petrol is now available for ₦699 per litre. To broaden access, Dangote Petroleum Refinery has lowered its minimum purchase requirement from two million litres to 500,000 litres, allowing more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to buy directly.
"The pump price of PMS would decline further," Dangote stated, adding that the refinery is operating around the clock to pass on gantry price reductions to retail consumers.
He highlighted the superior quality of locally refined "straight-run" fuel compared to imported blended products, saying: "Nigerians have a choice: to buy better-quality fuel at a more affordable price, or to buy blended PMS at a higher rate. Importers can continue to lose, as long as Nigerians benefit, I am happy."
Addressing concerns from oil importers about potential losses, Dangote reiterated that the refinery's primary goal is to serve Nigerians. "Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences," he said.
To support nationwide distribution, the refinery plans to deploy its fleet of Compressed Natural Gas (CNG) trucks soon and is ready to acquire more beyond the current 4,000 units if needed.
Dangote described the refinery as a vital national asset that "must not be allowed to fail," vowing to compete robustly in the market.
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