President of Dangote Group, Aliko Dangote, has assured Nigerians that the price of Premium Motor Spirit (PMS), also known as petrol, will witness further reductions nationwide, as efforts intensify to make fuel more affordable.
The assurance comes less than 24 hours after Dangote announced an imminent cut in petrol prices. In a statement released on Monday, the company disclosed that MRS, which operates over 2,000 filling stations across the country, has commenced the sale of petrol at ₦739 per litre in Lagos, down from ₦885 per litre.
Dangote revealed that from Tuesday, PMS would be sold at prices not exceeding ₦740 per litre at all MRS outlets in Lagos, adding that further reductions were expected.
“Pump price of PMS would decline further. From Tuesday, all MRS stations will sell PMS at prices not exceeding ₦740 per litre, beginning in Lagos,” he said.
He also announced that the Dangote Petroleum Refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres. According to him, the move is aimed at enabling more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate in lifting products directly from the refinery.
“So if you come to the refinery today, you will get PMS at ₦699 per litre,” Dangote stated.
Dangote stressed that Nigerians would be the biggest beneficiaries of local refining, noting that the refinery is operating round the clock to ensure that reductions in gantry prices are fully reflected at filling stations nationwide.
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He further highlighted the quality advantage of locally refined fuel over imported products, explaining that PMS supplied through MRS and other offtakers are straight-run fuels, unlike blended products imported from abroad.
“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,” he said.
Addressing concerns from some fuel importers who fear losses due to the price cuts, Dangote maintained that the refinery was established primarily to serve Nigerians, not to protect import interests.
“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he added.
Dangote also disclosed plans to deploy the refinery’s fleet of Compressed Natural Gas (CNG) trucks nationwide in the coming days, noting that the company currently has about 4,000 trucks and is ready to acquire more if necessary to sustain efficient fuel distribution.
“This is a logistics business. If 4,000 CNG trucks are not enough, we will buy another 4,000,” he said, reaffirming his commitment to protecting the refinery as a strategic national asset.
“A business of this magnitude must not be allowed to fail,” Dangote declared.