President of the Dangote Group, Aliko Dangote, has announced that petroleum products distributed by his company will not sell above ₦739 per litre, a move he says is aimed at easing pressure on Nigerian consumers amid ongoing challenges in the downstream oil sector.
Dangote made the disclosure during a press briefing aired on Channels Television, where he outlined his group’s business plans and expressed concern over what he described as policy failures damaging Nigeria’s energy industry.
According to him, Dangote Petroleum Refinery recently reduced prices to about ₦699 per litre, but to ensure stability across the supply chain, the company has fixed a maximum retail price of ₦739, even after accounting for distributors’ and retailers’ margins.
“For now, including everybody’s margin, the price should not sell above ₦739. Nigerians have not enjoyed this kind of pricing for a very long time,” Dangote said.
He revealed that the company currently has between 800 and 900 trucks positioned at the ports, ready to move products into the market.
However, full-scale distribution has been slowed by logistical challenges.
To address delays, Dangote said some consignments are now being transported by air, with deliveries expected within the next one to ten days.
Dangote explained that the company is prioritising steady supply and consumer protection, even as it shoulders distribution responsibilities.
He added that discussions are ongoing with some buyers who are willing to share certain risks linked to product collection and logistics.
Beyond pricing, Dangote raised concerns about the long-term health of Nigeria’s downstream oil sector.
He criticised the continued issuance of licences for imported fuel, particularly from Russia, which he said comes into Nigeria at heavy discounts of ₦20 to ₦25 per litre.
He noted that this imbalance has driven major international oil companies out of Nigeria’s downstream space, leaving the sector largely unattractive to investors.
Dangote also faulted past regulatory decisions, arguing that appointing market traders as regulators created conflicts of interest that worsened the crisis.
Dangote warned that unless the operating environment improves, Nigeria will continue to lose investment opportunities, despite having the capacity to serve as a major refining hub for West Africa and the wider sub-Saharan region.
He concluded by stressing the need for urgent reforms, saying sustained consumer-friendly pricing such as the ₦739 cap can only be maintained if policies are aligned to support local production and fair competition.
