Petrol marketers have slashed their pump prices below the rates offered by both the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPCL), intensifying competition in the downstream oil sector.
Findings from Lagos and Ogun States revealed that some independent filling stations now sell petrol for less than ₦860 per litre. For instance, the SGR station in Ogun sold petrol at ₦847 on Tuesday.
In contrast, filling stations affiliated with Dangote, such as MRS and Heyden, are currently selling between ₦865 and ₦875 per litre. Depot prices have also dipped, with some marketers offering fuel at ₦815 per litre, while Dangote’s refinery maintains a price of ₦820. NNPC, which previously sold petrol at ₦895, has marginally reduced its price to ₦890 per litre across its Abuja outlets as of Wednesday, July 23.
Industry sources say these reductions are part of efforts by importers to remain competitive, especially after facing significant losses when Dangote initiated a series of price cuts earlier in the year. The continued adjustments are attributed to Nigeria’s liberalised fuel market, where pricing is determined by market forces.
While Dangote has called on the Federal Government to ban fuel importation to protect local refining, citing alleged dumping of cheap and low-quality fuel from countries like Russia, marketers have opposed the move. They argue that banning imports would undermine the open market structure and competition, which ultimately benefits consumers.
As the rivalry between importers and local refiners continues, stakeholders anticipate further pricing shifts and policy debates in the evolving Nigerian fuel market.
