Petrol To Sell For N740 Per Litre In Lagos From Tuesday-Dangote

The President of Dangote Refinery, Aliko Dangote, has stated that the retail price of Premium Motor Spirit should not exceed N740 nationwide.
This, he said, is because his refinery reduced the gantry price to N699 per litre.

He said the MRS filling stations would be the first to reflect the new price, maintaining that Nigerians would ultimately benefit from local refining, even as fuel importers incur losses.

The businessman noted that the company was working around the clock to ensure that recent reductions in the gantry price were fully reflected at the retail level.

“We will enforce the low price. We will make sure of that,” Dangote said.

The mogul also disclosed that the refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres to enable more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate.

“So if you come to the refinery today, you will get PMS at N699 per litre,” he said.

He also highlighted quality differences, noting that products supplied through MRS and other offtakers from the refinery were straight-run fuel, 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, so long as Nigerians benefit,” he added.