Importers Slash Petrol Prices Below Dangote Rates Amid Rising Market Competition

Competition has hit Nigeria’s petroleum sector as fuel importers slash petrol prices below those offered by the Dangote Petroleum Refinery. The development comes amid calls by the Dangote Group President for a ban on fuel importation to protect local refining.

Some filling stations in Lagos and Ogun States are now selling petrol for less than N860 per litre. This is cheaper than the prices at outlets supplied by the Dangote refinery, such as MRS and Heyden, which are selling between N865 and N875. In Ogun State, a filling station has gone as far as reduced its pump price to N847 per litre.

This pricing strategy is seen as a survival move by importers who have previously struggled to stay afloat following Dangote’s market entry and subsequent price reductions.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed, stating that while Dangote sells at N820 and NNPC at N825, several importers are offering between N815 and N817.

This pricing strategy is seen as a survival move by importers who have previously struggled to stay afloat following Dangote’s market entry and subsequent price reductions.