Aliko Dangote on Monday doubled down on his promise of cheaper fuel for Nigerians, declaring that the pump price of Premium Motor Spirit will fall to no more than N740 per litre from Tuesday, beginning in Lagos.
The President and Chief Executive of Dangote Industries Limited said MRS filling stations would be the first to reflect the new pricing, signalling what he described as another decisive step towards breaking Nigeria’s long dependence on imported fuel.
Speaking against the backdrop of rising tensions between domestic refiners and regulators, Dangote assured Nigerians that the benefits of local refining would ultimately outweigh the losses being incurred by fuel importers.
“Nigerians will benefit,” he said firmly. “That is non negotiable.”
From Refinery Gate to Pump Price
Dangote disclosed that PMS is already selling at N699 per litre at the refinery gate, stressing that the company is working round the clock to ensure that reductions at the gantry are fully reflected at filling stations.
To widen access and encourage competition, the refinery has also reduced its minimum purchase volume from two million litres to 500,000 litres, a move expected to open the market to more marketers, including members of the Independent Petroleum Marketers Association of Nigeria.
“From Tuesday, all MRS stations will begin selling PMS at prices not exceeding N740 per litre, starting in Lagos,” he said.
Logistics and the Price War
Despite what he described as frustration and deliberate sabotage in the downstream sector, Dangote said the refinery is prepared to scale up distribution aggressively.
He revealed plans to deploy its fleet of Compressed Natural Gas trucks nationwide in the coming days and to acquire additional units beyond the initial 4,000 if necessary to sustain affordable pricing across the country.
Importers Versus Local Refining
Responding to complaints from oil importers that the latest price cuts would result in losses, Dangote was unapologetic.
“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he said.
He argued that Nigerians now face a clear choice between higher priced blended imports and cheaper, straight run fuels produced locally.
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“Nigerians can buy better quality fuel at a more affordable price, or buy blended PMS at a higher rate. Importers can continue to lose, so long as Nigerians benefit,” he added.
Legacy Over Profit
Dangote insisted that the refinery was never built purely for profit, noting that he could have invested the 20 billion dollars elsewhere if financial returns were his sole objective.
Instead, he described the project as a legacy investment, revealing plans to list the refinery on the Nigerian Exchange so Nigerians can own shares in the facility.
“This refinery is for Nigerians first,” he said. “And I am determined that Nigerians feel its impact at the pump.”
