Dangote announces petrol price cap of ₦740 per liter nationwide this December and January, following a refinery price cut to ease fuel costs.
Aliko Dangote, Chairman of Dangote Group and Africa’s richest businessman, has announced a major petrol price intervention aimed at easing fuel costs for Nigerians during the festive season. According to the refinery owner, petrol will be sold at a maximum of ₦740 per liter nationwide throughout December and January.
Dangote disclosed that select filling stations, including MRS outlets in Lagos, will begin selling petrol at ₦739 per liter from Tuesday. This move effectively caps pump prices across the country at ₦740, significantly undercutting the current market range of ₦800 to ₦950 per liter in many locations.
The price reduction follows a 16 percent cut in the Dangote Refinery’s ex-depot price, which has been adjusted to ₦699 per liter. To ensure efficient nationwide distribution and prevent price manipulation, Dangote revealed plans to deploy up to 8,000 Compressed Natural Gas (CNG) trucks if necessary.
Addressing concerns over fuel supply, Dangote criticized the continued reliance on imported petrol, calling for a thorough investigation into regulatory agencies overseeing the sector. He emphasized that the 650,000-barrels-per-day Dangote Refinery has the capacity to produce up to 1.5 billion liters of petrol monthly, enough to meet Nigeria’s domestic demand without imports.
Dangote also reiterated that his decision is driven by a long-term vision for Nigeria’s economic stability rather than personal profit. Stressing his modest lifestyle, he noted that the refinery project is designed to strengthen local production, conserve foreign exchange, and provide Nigerians with affordable fuel.
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With this announcement, the Dangote Refinery is positioning itself as a key player in stabilizing fuel prices and reshaping Nigeria’s downstream petroleum sector.