Importers of petroleum products have lowered pump prices below those offered by Dangote Petroleum Refinery, intensifying competition in the downstream sector.
This development comes as Dangote Group President, Alhaji Aliko Dangote, renewed his call for the Federal Government to ban fuel importation to protect local refining.
Findings by The Punch revealed that while Dangote’s partners, such as MRS and Heyden, sold petrol at between ₦865 and ₦875 per litre in Lagos and Ogun States, some independent filling stations dropped prices further.
In Ogun State, SGR filling station reduced its rate to ₦847 per litre as of Tuesday. Industry sources confirmed that many importers have adjusted their ex-depot prices to stay competitive.
As of Tuesday, Dangote refinery sold petrol at ₦820 per litre, while some depots offered prices as low as ₦815. Data from Petroleumprice.ng showed Aiteo and Menj were among marketers selling at that rate, compared to NNPC’s current ex-depot price of ₦825.
Confirming the trend, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said, “Depot owners are dropping their petrol prices. Some are selling at ₦815, some ₦817, while Dangote is selling at ₦820. NNPC has not adjusted its price yet. This is the beauty of market liberalisation, and that is why we opined that the President should not ban anyone from importing petroleum products.”
Dangote has repeatedly criticised fuel importation, describing it as harmful to local refiners and the economy. He argued that importers were engaging in “dumping,” bringing in subsidised and sometimes toxic petroleum products that would not be permitted in Europe or North America.
“And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products… severely undercutting our local production,” Dangote said.
He further alleged that discounted Russian petroleum products were being routed to Africa, creating an uneven playing field.
“In Nigeria, due to this unfair competition, the price is just about 60 cents, even cheaper than Saudi Arabia, which produces and refines its own oil. To remain viable, we urge African governments to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers,” he stated during a recent regulatory forum in Abuja.
Despite Dangote’s plea for a ban under President Bola Tinubu’s ‘Nigeria First’ policy, petroleum marketers rejected the proposal, saying open competition benefits consumers and curbs monopoly pricing.
Ukadike stressed that liberalisation ensures fairness and efficiency, “Nobody should be stopped from bringing in petroleum products. Implementation and local refining will checkmate unfair pricing. As an indigenous country, you must refine to ensure you have the best price.”
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