Nigerians have erupted in excitement following a major announcement from the Dangote Refinery concerning the price of Premium Motor Spirit (PMS), commonly known as petrol. The refinery has officially reduced the cost of a litre of fuel at its own dispensing facility in Lagos, offering a glimmer of hope for cheaper prices across the country.
New Price and Credit Facility Announcement
In a move that has been widely celebrated, the Dangote Group declared that a litre of petrol will now be sold for N699 at its refinery gantry in Lagos. This significant reduction from prevailing market rates was announced on December 20, 2025. Alongside the price cut, the refinery introduced a supportive measure for bulk buyers: a 10-day credit facility, which is backed by bank guarantees and requires a minimum purchase of 500,000 litres.
The announcement has fueled optimism among citizens that the reduced price at the source will eventually translate to lower costs at retail filling stations, easing the financial burden on millions of Nigerians.
Public Praise and Calls to Halt Fuel Imports
The news was met with immediate and positive reactions on social media, particularly on the platform X. One user, Christ Chiedu, expressed strong support for the move, questioning the continued importation of refined petroleum products.
"If they don't promote you, I will do it myself because why? We can't continue to buy or import fuel from the far western world when we have all it takes here in Nigeria. The crude oil is here, the refinery is here, and even the Nigerian NNPC Ilorin refinery is here," Chiedu stated.
This sentiment echoes a broader national desire for energy independence, leveraging domestic crude oil resources and refining capacity to stabilize the local market.
Consumers Report Price Disparities at Retail Stations
Despite the announcement from Dangote, many Nigerians quickly pointed out that the reduced price has not yet trickled down to numerous retail outlets. Several social media users reported that many MRS petrol stations were still selling fuel at significantly higher prices.
Complaints flooded in from various locations:
- @geedayyy noted MRS in Ajah, Lagos, was selling at N820 per litre.
- @shagabo reported a price of N940/litre at an MRS station in the Federal Capital Territory (FCT).
- @menubachike raised concerns about an MRS station in Enugu State displaying the price but not actually selling petrol.
- Users from Lagos, Benin City, and other areas confirmed similar high prices, ranging from N840 to N900 per litre.
These reports highlight the challenges in ensuring uniform price compliance and distribution across the country's vast fuel retail network.
Background: Dangote's Call for Probe and Future Price Promise
This price reduction comes amidst earlier reports where billionaire industrialist Aliko Dangote called for an investigation into the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed. Dangote alleged that Ahmed paid about $5 million in foreign school fees for his children and urged the federal government to probe the claims to allow the official to clear his name.
Furthermore, Dangote had previously assured Nigerians of further reductions in petrol prices, projecting that PMS could sell for no more than N740 per litre in Lagos. The new N699 price point surpasses that earlier projection, demonstrating a more aggressive move to lower costs.
The development at the Dangote Refinery is seen as a pivotal moment in Nigeria's downstream oil sector, potentially marking the beginning of a new era of price stability driven by local production.
