Fuel Price: Importers Slash Petrol Prices Below Dangote’s – Reports

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In a bid to stay competitive, importers have dropped petrol prices below that of the Dangote Petroleum Refinery, sparking a new wave of competition in the industry. According to findings, some filling stations now sell petrol below ₦860 per litre, while Dangote partners sell at ₦865 or ₦875 in Lagos and Ogun States. A filling station in Ogun State even reduced its price to ₦847 per litre.

Marketers confirmed that most importers have reduced their ex-depot petrol prices below that of the Dangote refinery, which sells petrol at ₦820 per litre. Some depots, such as Aiteo and Menj, sell the product at N815 per litre.

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The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed the ongoing downward price review by importers. “Depot owners are dropping their petrol prices. Some of them are selling N815, some are selling N817, while Dangote is selling N820. NNPC is still selling at N825; it has not dropped its prices yet,” Ukadike disclosed.

He described this as the beauty of market liberalisation and urged President Bola Tinubu not to heed calls to ban fuel importation. “This is the beauty of the liberalisation of the market. That is why we opined that the president should not ban anybody from importing petroleum products. Nobody should be stopped from bringing in petroleum products. Implementation and local refining will checkmate unfair pricing,” Ukadike said.

However, Alhaji Aliko Dangote, President of the Dangote Group, has called on the Federal Government to ban fuel importation, citing unfair competition. “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors,” he stated.

Dangote alleged that importers were dumping toxic fuel that would never be allowed in Europe. “And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America,” he said.

He also claimed that some importers bring subsidised fuel or crude oil from Russia into Nigeria, affecting local pricing and forcing refiners to lower their prices below production cost. “Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production, which is based on full crude pricing,” Dangote stated.

Marketers, however, disagreed with Dangote, urging the Federal Government not to consider adding petroleum products to the list of items banned from importation under the ‘Nigeria First’ policy

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