A fresh wave of competition has erupted in Nigeria’s petrol market as fuel importers slash their prices below the rate offered by the Dangote Petroleum Refinery, intensifying a price war that is heating up across the country.
Some filling stations in Lagos and Ogun States now sell petrol for as low as N847 per litre, compared to Dangote partners like MRS and Heyden who still offer it at N865 to N875. One notable station in Ogun, SGR, drew attention for its sharp cut, dropping petrol to N847 per litre on Tuesday.
Findings by our correspondent reveal that importers are offering ex-depot petrol prices as low as N815 per litre, while Dangote’s refinery price stood at N820 and NNPC’s price at N825.
Speaking on the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the shift.
“Depot owners are dropping their petrol prices. Some are selling at N815, some at N817. This is the beauty of a liberalised market. It encourages fair pricing,” Ukadike said.
He urged the Federal Government not to heed calls to ban the importation of petroleum products, emphasizing that local refining and free-market competition help control prices and benefit consumers.
His comment appears directed at Alhaji Aliko Dangote, who recently called for a ban on fuel importation, accusing foreign suppliers of engaging in “unfair competition” by dumping subsidised and toxic fuel products into Nigeria.
According to Dangote, the ongoing importation is hurting domestic refiners like his company and discouraging further investments in the sector.
“Some importers are dumping toxic petroleum products that wouldn’t be allowed in Europe. Others bring in subsidised Russian fuel that undercuts local prices. This is killing local refining,” he said at an event hosted by the Nigerian Upstream Petroleum Regulatory Authority in Abuja.
Dangote appealed for the enforcement of the “Nigeria First” policy, calling on President Bola Tinubu’s government to protect local producers just as countries like the United States, Canada, and the EU do.
But marketers are pushing back. They insist that competition is key to keeping fuel prices down and ensuring availability. “Nobody should be stopped from bringing in products. Let the best price win,” Ukadike stressed.
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