KEY POINTS

• Dangote Refinery has set a new petrol price of ₦739 per litre at all MRS stations, urging Nigerians to report any outlet charging above this rate.

• The refinery warns against attempts by other operators to create artificial scarcity and calls for stronger regulatory oversight to maintain the reduced pricing.

• Positioning the move as key to national economic stability, Dangote highlights the benefits of local refining, including foreign exchange conservation and reduced exposure to global market volatility.

In a move set to directly impact household budgets and transport costs across Nigeria, the Dangote Petroleum Refinery has announced a nationwide pump price of 739 naira per litre for its Premium Motor Spirit, commonly known as petrol.

The price cut, implemented through the extensive network of MRS Oil Nigeria Plc filling stations, is being framed by the refinery as a pivotal step in its mission to provide affordable fuel and bring stability to the country’s fractious downstream petroleum market.

The company, in a statement issued on Sunday, urged the Nigerian public to act as watchdogs, calling on consumers to report any MRS outlet found selling above the newly approved rate. It provided a dedicated telephone line for such grievances.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at 739 naira per litre from over 2,000 MRS stations nationwide,” the statement read.

A Test of Market Discipline During Festive Season

With the guarantee of a daily supply of up to 50 million litres from the sprawling Lekki-based refinery, the initiative is poised to fundamentally alter fuel supply dynamics during the busy Christmas and New Year period. The refinery argues that its local production at scale should reduce Nigeria’s exposure to volatile international crude oil markets, conserve foreign exchange, and bolster energy security.

The statement commended MRS and other early-adopting marketers for their “patriotism” in reflecting the reduction at the pump, while issuing a broader call for industry-wide compliance as a gesture of support for national economic recovery. However, it also contained a stern warning against potential market manipulation.

The refinery explicitly cautioned “unscrupulous” operators against attempting to create artificial scarcity in response to the price reduction, labelling such practices as “unpatriotic and unacceptable.” It called on government regulatory authorities to remain vigilant and take decisive action against any market distortions, particularly during the critical festive season.

Reaffirming its long-term commitment, the refinery concluded that its operations were anchored on national interest rather than short-term profit motives, with the objective of ensuring consistent supply of affordable, high-quality petroleum products for Nigerian consumers.