President of Dangote Group, Aliko Dangote, has vowed to further slash prices of Premium Motor Spirit (PMS) or petrol nationwide.
The promise is coming less than 24 hours after the entrepreneur announced an imminent reduction in petrol prices.
A Monday statement by the company said MRS, which operates over 2,000 filling stations nationwide, has begun selling petrol at ₦739 per litre in Lagos, down from ₦885, bringing immediate relief to commuters and businesses.
“Pump price of PMS would decline further”, the statement quoted the entrepreneur, adding that petrol would sell at no more than ₦740 per litre from Tuesday, starting in Lagos.
“From Tuesday, all MRS stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” Dangote said.
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 around 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.”
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