Importers have reduced petrol prices below those of the Dangote Petroleum Refinery, igniting competition in the market. Some filling stations are now selling petrol for less than N860 per litre, while Dangote’s partners sell at higher rates, around N865 to N875 in Lagos and Ogun States.
As of Tuesday, the Dangote refinery was selling petrol at N820 per litre, with other depots at N815 per litre. The price cuts come as importers strive to remain competitive following complaints about losses since the Dangote refinery began price reductions earlier this year.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price drops and highlighted the benefits of market liberalization. He urged against banning fuel imports, believing that open competition is essential for fair pricing.
Dangote has criticized the competition, arguing that fuel importation undermines local refining efforts and discourages investment in the sector. He called for government support to protect domestic producers from unfair competition, particularly against the backdrop of cheap, often substandard fuel imports.
Despite Dangote’s concerns, marketers disagree with his stance on banning fuel imports, advocating for continued market access to ensure fair pricing for consumers.
