Less than 24 hours after the President of Dangote Group, Aliko Dangote, announced an imminent reduction in petrol prices, filling stations operated by the refinery’s lead offtaker, MRS Oil Nigeria Plc, have begun selling Premium Motor Spirit (PMS) at N739 per litre in Lagos, down from N885, bringing immediate relief to commuters and businesses.
Speaking at a press conference in Lagos on Sunday, Dangote assured Nigerians that the pump price of PMS would decline further, stating that petrol would sell at no more than N740 per litre from Tuesday, starting in Lagos. He disclosed that MRS, which operates over 2,000 filling stations nationwide, would be the first to implement the new pricing.
“From Tuesday, all MRS stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” Dangote said. However, the stations started the implementation on Monday to the delight of Lagos commuters.
He also announced that the Dangote Petroleum Refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres, a move designed to enable more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate in product offtake.
“So if you come to the refinery today, you will get PMS at N699 per litre,” he stated.
Dangote maintained that Nigerians would be the ultimate beneficiaries of domestic refining as the refinery was working round the clock to ensure that recent reductions in gantry prices were fully reflected at the retail level.
He further highlighted quality differences between locally refined fuel and imported products, noting that PMS supplied through MRS and other refinery offtakers are straight-run fuels, unlike blended products imported from overseas markets.
“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,” Dangote said.
He disclosed that despite challenges, including resistance from vested interests, the refinery would deploy its fleet of Compressed Natural Gas (CNG) trucks in the coming days and was prepared to procure additional units beyond the existing 4,000 trucks to sustain affordable nationwide distribution.
Responding to concerns by some oil importers that the price reductions would lead to losses, Dangote said the refinery was established primarily 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.
Dangote also reiterated his resolve to protect the refinery, describing it as a strategic national asset.
“A business of this magnitude must not be allowed to fail,” he said. “If they want to import fuel, let them continue. We will meet in the market. If 4,000 CNG trucks are not enough, we will buy another 4,000. This is a logistics business.”
Relief for Nigerians
Checks across Lagos showed that several MRS filling stations implemented the new price almost 24 hours ahead of the announced timeline. At the MRS station in Alapere, motorists queued to purchase fuel, expressing appreciation for the price cut.
“This is a relief for us, especially during the festive season,” said Mr Adejare Israel, a commuter. “It is sad that some people are still importing and selling at over N900 when we have locally refined, high-quality fuel at a more affordable rate.”
A university lecturer, Dr Hassan Olalekan, who bought Dangote fuel from MRS Victoria Island, described the development as a significant intervention, noting that the Dangote Refinery had, for the second consecutive year, helped to prevent perennial fuel scarcity during the festive period while also driving down prices.
He called on the Federal Government to review the issuance of import licences in light of growing domestic capacity, stressing that “no country can achieve sustainable growth without strong local production.”
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