Importers Give Dangote Run for His Money as they Crash Petrol Prices Below Rate

A new wave of price competition has emerged in Nigeria’s petroleum sector as independent fuel importers have slashed petrol prices below the rate offered by the Dangote Petroleum Refinery, signaling intensified rivalry in the country’s deregulated downstream market. Recent checks across major depots and retail stations reveal that some importers are now supplying petrol at prices as low as ₦815 per litre, compared to the ₦820 per litre offered by Dangote Refinery-linked outlets. This shift has also led to a drop in pump prices in various retail stations, with some outlets selling at ₦847 to ₦860 per litre, while Dangote-affiliated stations maintain prices ranging from ₦865 to ₦875. The development has renewed debate about the direction of Nigeria’s oil sector, particularly following calls by Aliko Dangote for a ban on fuel imports to protect local refining investments. Dangote has argued that cheap, sometimes substandard imported petrol undermines the sustainability of domestic refineries and threatens long-term energy security. However, independent marketers have rejected such calls, insisting that competition should be allowed to thrive under the market-driven model introduced by deregulation. The Independent Petroleum Marketers Association of Nigeria (IPMAN) described the price reductions as a healthy outcome of a liberalized market. The NNPC, Nigeria’s state-owned oil company, has yet to adjust its prices, with petrol still retailing at between ₦825 and ₦890 per litre in its outlets. As market forces continue to reshape the pricing landscape, Nigeria’s energy sector faces a critical moment in balancing the goals of refining self-sufficiency, fair competition, and consumer affordability.