Major petroleum marketers in Nigeria have entered into agreements with international gasoline suppliers to import cheaper petrol, aiming to reduce pump prices to around ₦700 per litre. Sources indicate the landing cost could be as low as ₦650 per litre, significantly below current market rates.
The move comes amid frustrations over inconsistent pricing from the Dangote Refinery, which retailers say is making business unsustainable. Marketers, burdened with bank debts and price losses, are now seeking predictable pricing models and more control over their supply chains.
Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that operators are increasingly sourcing from global markets due to erratic local refinery pricing. He warned of possible fuel scarcity as marketers struggle to afford current supplies.
There are also concerns about diesel supply, with speculation that the Aradel refinery may not be producing. Aradel has denied the claim, stating it is operating at its full 11,000-barrel-per-day capacity.
Meanwhile, Aliko Dangote defended his refinery, asserting it is capable of meeting Nigeria’s fuel needs and helping the West African region reduce reliance on imports. He emphasized that local refining has already helped reduce diesel prices significantly and keeps Nigeria’s petrol costs far below neighboring countries.
Dangote reiterated his belief that Africa’s development depends on local production and intra-African trade, citing his refinery as a blueprint for regional industrial growth.
