As of Tuesday, Dangote’s ex-depot price stood at N820 per litre, while some depots such as Aiteo and Menj sold at N815.
Petrol importers have reduced prices below those of the Dangote Petroleum Refinery, intensifying competition in the downstream sector despite calls by Alhaji Aliko Dangote for a ban on fuel importation.
Checks by The PUNCH on Tuesday showed some filling stations in Lagos and Ogun states selling below N860 per litre. One station in Ogun State sold at N847, while Dangote refinery partners MRS and Heyden sold between N865 and N875.
As of Tuesday, Dangote’s ex-depot price stood at N820 per litre, while some depots such as Aiteo and Menj sold at N815.
Confirming the trend, Independent Petroleum Marketers Association of Nigeria spokesman, Chinedu Ukadike, said: “Depot owners are dropping their petrol prices. Some of them are selling N815, some are selling N817, while Dangote is selling N820. NNPC is still selling at N825.”
He argued that price cuts reflect “the beauty of market liberalisation,” urging President Bola Tinubu not to ban imports.
Dangote, however, warned that cheap imports — some allegedly toxic and subsidised from Russia — threaten local refining. “We are now facing increased dumping of cheap, often toxic petroleum products,” he said, urging government protection for local producers.