PETROLEUM: Dangote Refinery faces stiff competition as Importers slash prices

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A new wave of competition has hit Nigeria’s petroleum sector as fuel importers slash prices below those offered by the Dangote Petroleum Refinery. Some filling stations in Lagos and Ogun States are now selling petrol for less than ₦860 per litre, undercutting the prices at outlets supplied by the Dangote refinery.

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According to industry sources, many importers have cut their ex-depot prices below Dangote’s ₦820 per litre. Major depots, including Aiteo and Menj, were selling at N815 per litre as of Tuesday. The National Publicity Secretary of IPMAN, Chinedu Ukadike, confirmed the trend, stating that several importers are offering between N815 and N817 per litre

“Nobody should be stopped from bringing in petroleum products. The market must remain open to encourage fairness and price regulation through local production,” Ukadike said, praising the ongoing price competition as a direct benefit of market liberalisation.

However, Dangote argues that the influx of imported fuel is undermining domestic refining efforts and discouraging investment. He called on the government to implement a “Nigeria First” policy in the petroleum sector, urging restrictions on fuel imports.

“These products are sold at prices lower than our production cost, creating an uneven playing field,” Dangote said, accusing some players of dumping discounted products, particularly from Russia.

The battle between local refiners and fuel importers intensifies, with marketers resisting calls for import bans, arguing that open competition is essential for stabilising prices and ensuring consumer access. For now, Nigerians are benefiting from the price drops, but the future of Nigeria’s fuel supply remains uncertain

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