Marketers claim Dangote Refinery quietly reduces ex-deport price, third time this year
By Jeph Ajobaju, Chief Copy Editor
Dangote Refinery has, without public announcement, reduced fuel ex-depot price to N815 per litre, the third decrease this year alone, and less than one month after slashing it to N825 on February 26.
The latest dip comes after imported fuel landing cost dropped to N774.82 per litre, below Dangote’s then-N825 ex-depot.
Marketers disclosed to Daily Post on Friday that unlike in the price reduction on February 26, the refinery did not officially announce the new slash.
Nonetheless, the new reduction comes amid the price war among major players in the downstream oil sector.
Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesman Chinedu Ukadike confirmed that “It is true. There is speculation that the price of imported products is now lower. That is the reason for the price war.
“It is the beauty of deregulation. Dangote has millions of litres and would not want any external force to take its market share. So it would have forced the price reduction.”
Dangote Refinery, the Nigerian National Petroleum Company Limited (NNPC), and other industry players have been embroiled in a price war since last year – triggered by Dangote.
But it is not clear if Dangote’s latest cut will lead to pump price reduction across filling stations, including MRS which sells at N860 per litre in Lagos and N880 in Abuja.
Officials of the Petroleum Products Retail Outlet Owners Association (PPROOAN) recently met with Petroleum Minister of State Heineken Lokpobiri in Abuja to advocate for fuel price stability and competitive pricing.
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