Petrol importers have fired fresh shots in Nigeria’s fuel market, slashing prices below Dangote Refinery’s rate to stay afloat. This move has stirred tension and revived calls for government intervention.
At filling stations in Lagos and Ogun, prices have dropped below ₦860 per litre. SGR station in Ogun now sells at ₦847, while Dangote-linked outlets like MRS and Heyden maintain prices between ₦865 and ₦875.
Depot prices have also dipped. Aiteo, Menj, and others now offer petrol at ₦815 per litre, undercutting Dangote’s ₦820 rate. The Nigerian National Petroleum Company (NNPC) still sells at ₦825.
“Depot owners are dropping their petrol prices. Some of them are selling ₦815, some ₦817, while Dangote is selling ₦820. NNPC is still selling at ₦825; it has not dropped its prices yet,” said Chinedu Ukadike, IPMAN’s National Publicity Secretary.
Dangote Calls for Import Ban
Aliko Dangote is not pleased. He accused importers of flooding Nigeria with cheap, toxic fuel that wouldn’t pass European standards.
“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 claimed that subsidised Russian fuel is being dumped in Africa, forcing local refiners to sell below cost. “In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia,” Dangote added.
He urged President Bola Tinubu to apply the Nigeria First policy to the petroleum sector. “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors,” he stated.
Marketers Push Back
Marketers are not buying Dangote’s proposal. They insist that banning imports would kill competition and create a monopoly.
Ukadike said, “Nobody should be stopped from bringing in petroleum products. That is the beauty of opening up the market.”
He argued that liberalisation is working, and local refining should compete fairly. He also dismissed fears about substandard fuel, saying regulators like the Nigerian Midstream and Downstream Petroleum Regulatory Authority are equipped to check quality.
Billy Gillis-Harry of PETROAN echoed this view, warning that banning imports would hurt energy diversity and inflate prices.
Should Tinubu ban fuel imports to protect local refineries like Dangote? Or should he allow full competition to decide the market? What’s your view?Rate, Like 👍, Comment💬, share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
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