President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has announced that the pump price of Premium Motor Spirit (PMS) will fall to not more than N740 per litre from tomorrow, beginning in Lagos, while accusing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of economic sabotage against local refining.
Gatekeepers News reports that Dangote made the disclosure at a press conference held at the Dangote Petroleum Refinery, where he called for a thorough investigation into the operations of the NMDPRA, alleging that its leadership was colluding with international traders and oil importers to undermine domestic refining through the continued issuance of import licences.
He said the refinery had reduced its gantry price to N699 per litre, adding that MRS filling stations would be the first to reflect the new pump price.
“I am not calling for Farouk Ahmed’s removal, but for a proper investigation. He should be required to account for his actions and demonstrate that he has not compromised his position to the detriment of Nigerians. What is happening amounts to economic sabotage,” Dangote said.
He expressed concern over Nigeria’s continued dependence on imported fuel, warning that it was discouraging investment in domestic refining. Dangote disclosed that import licences covering about 7.5 billion litres of PMS had reportedly been issued for the first quarter of 2026, despite the availability of significant local refining capacity.
According to him, modular refineries are already struggling under the current policy environment and are on the brink of collapse, while the persistent issuance of import permits further weakens the sector.
“There are powerful interests in the oil sector. It is troubling that African countries continue to import refined products despite long-standing calls for value addition and domestic refining. The volume of imports being allowed into the country is unethical and does a disservice to Nigeria,” he said.
Dangote stressed that the downstream sector must be protected from vested interests, warning against the blurring of lines between regulation and commercial activity.
“A trader should never be a regulator. Forty-seven licences have been issued, yet no new refineries are being built because the environment is not conducive,” he said.
On pricing, Dangote said Nigerians would ultimately benefit from local refining even if fuel importers incurred losses. He said 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, adding that all MRS stations would begin selling at prices not exceeding N740 per litre from tomorrow.
He disclosed that the refinery would deploy its fleet of Compressed Natural Gas (CNG) trucks in the coming days and was prepared to procure additional units beyond the initial 4,000 to ensure nationwide distribution at affordable prices.
Responding to complaints from oil importers that recent price cuts would result in losses, Dangote said the refinery was established primarily for the benefit of Nigerians.
“Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences,” he said.
He also pointed to quality differences, noting that products supplied from the refinery 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, so long as Nigerians benefit,” he added.
Dangote said the refinery was driven more by legacy than profit, revealing plans to list it on the Nigerian Exchange to allow Nigerians to own shares.
“We want every living Nigerian to have the opportunity to benefit, no matter how small their holding. If the market takes 55 per cent and I retain 45 per cent, I am satisfied,” he said, adding that discussions were ongoing with the Securities and Exchange Commission (SEC) to allow Nigerians to buy shares in naira while receiving dividends in dollars.
He further accused the NMDPRA of misrepresenting the refinery’s capacity by publishing offtake figures instead of actual production levels.
“We have the capacity to meet local demand, and we have sufficient refined products in stock. But to keep prices high, imports are deliberately encouraged,” he said.
Dangote also disclosed that the refinery imports about 100 million barrels of crude oil annually from the United States due to inadequate domestic supply, a figure expected to rise to 200 million barrels after expansion. He added that crude is also sourced from Ghana and other countries, while refined products such as jet fuel and gasoline are exported to the United States.
He alleged that domestic refiners are forced to buy Nigerian crude at premiums of up to four dollars per barrel from international oil company trading arms, placing them at a disadvantage, and called for crude oil taxes to be assessed based on actual transaction values to curb under-declaration and revenue losses.
“This refinery is for Nigerians first, and I am not giving up,” Dangote said.
