Petrol prices have dropped below Dangote Refinery’s rate, sparking a price war in Nigeria’s fuel market. Independent marketers are now selling petrol between N815 and N847 per litre, undercutting Dangote’s price of N820 per litre and the Nigerian National Petroleum Company’s (NNPC) price of N825 per litre. This price drop is a strategic move by importers to remain competitive as Dangote continues to adjust its prices to defend its market share. However, Aliko Dangote has accused fuel importers of flooding the market with subsidized and toxic products, which he claims wouldn’t be accepted in Europe or North America. He is urging the government to ban fuel importation to protect local refineries. On the other hand, the Independent Petroleum Marketers Association of Nigeria (IPMAN) opposes the ban, citing the benefits of market liberalization and competition. IPMAN’s spokesperson, Chinedu Ukadike, notes that depot owners are dropping prices and regulatory bodies ensure fuel quality. Notable price differences have emerged, with SGR Filling Station selling at N847 per litre in Ogun State, Aiteo Depot at N815 per litre, Dangote Partners at N865-N875 per litre, and NNPC at N825 per litre (recently reduced from N895). While this price war may benefit consumers in the short term, it raises questions about the sustainability of these prices and the future of Nigeria’s fuel market.
