The downstream oil sector in Nigeria is witnessing a fresh twist in the ongoing fuel price battle, as petrol retailers in Lagos slash prices below Dangote Refinery’s benchmark of N739 per liter to gain a competitive edge.
Aliko Dangote, president of Dangote Refinery, had set the retail price of petrol at MRS filling stations nationwide at N739 per liter, following a reduction of the ex-depot price to N699 per liter. The move was aimed at positioning Dangote petrol as a cheaper alternative in the market.
Since December, Dangote petrol has enjoyed a price advantage, with other retailers—including the Nigerian National Petroleum Company Limited (NNPCL)—selling fuel between N815 and N840 per liter depending on location.
However, recent adjustments by independent fuel marketers in Lagos have brought prices below Dangote’s benchmark. NIPCO now sells petrol at N738 per liter, SAO filling stations at N735, Akiavic at N737, and an AP outlet in Mowe, Ogun State, recently dropped to N736 per liter, even beside an MRS station.
Meanwhile, prices in Abuja remain higher, with NNPCL, Rano Oil, Empire Energy, NIPCO, AA Rano, and AYM Shafa selling between N815 and N839 per liter as of Monday morning.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), previously told DAILY POST that their members remain committed to supplying affordable petrol to Nigerians despite the competitive pricing.
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