Oil Marketers Promise to Offer Petrol at Lower Prices than Dangote’s

Nigerian oil marketers have announced plans to sell petrol at prices lower than those set by the Dangote Petroleum Refinery, which range from N1,015 to N1,028 per liter, according to The Punch. They argue that imported petrol is more affordable than the product refined by Dangote.

The Major Energies Marketers Association of Nigeria noted that the landing cost for petrol was N978.01 per liter as of October 31, 2024. Meanwhile, the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has secured agreements with international suppliers to import petrol at approximately N800 per liter.

Dr. Joseph Obele, PETROAN’s Publicity Secretary, stated that the association’s imported petrol will be cheaper than both Dangote’s prices and those from the Nigerian National Petroleum Company Limited (NNPCL). He explained that Dangote’s higher pricing is due to the refinery using imported crude oil purchased at a premium.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also confirmed that Dangote’s petrol prices exceed those of imported alternatives. However, Tony Chiejina, Chief Corporate Communications Officer of the Dangote Group, dismissed these claims as “fake news” but did not disclose the actual price.