Market News

The president of Dangote Refinery, Aliko Dangote has said that the retail price of Premium Motor Spirit should not be more than N740 nationwide.

He disclosed this in a briefing on Saturday at the 650,000-barrel-per-day refinery.

According to him, MRS filling stations in Lagos are expected to begin implementing the new petrol price from Monday.

He vowed to use his resources to fight sabotage to his refinery and ensure that fuel prices crash down.

Dangote said the refinery has put forward some incentives for the Independent Petroleum Marketers Association to purchase petrol products at the Lekki, Lagos-based plant.

“We are going to use whatever resources that we have to make sure that we crash the price down.

“We will get these sales; maybe it will take us a week to 10 days. But first of all, within a week to 10 days, we will be able to deliver. For this December and January, we don’t want people to sell petrol for more than N740 nationwide.

“Those who want to keep the price to sabotage the government, we will fight as much as we can to make sure that these prices are down.

“That’s not the price. If you have money to come and buy, you can pick up petrol at N699,” he said.

DAILY POST reports Dangote called for the probe of the country’s head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

His comments come after the refinery last Thursday reduced its gantry fuel price by N129 to N699 to edge out fuel importers, depot owners, and marketers in Nigeria’s downstream sector.

Meanwhile, DAILY POST reports that as of Sunday night, MRS, Nigerian National Petroleum Company, AARO, NIPCO, AP Ardova, Empire Energy, Ranoil, Mobil, and other filling stations dispense fuel between N905 per liter and N937 per liter.