Petroleum importers in Nigeria are expressing significant concerns over the Dangote Refinery's recent decision to reduce the ex-depot price of petrol by ₦65, bringing it down from ₦890 to ₦825 per liter. This price adjustment, effective February 27, 2025, aims to support President Bola Tinubu's economic recovery plan and prepare for the Ramadan season.
Importers fear that this aggressive pricing strategy may compel them to sell their imported fuel at a loss, as consumers are likely to favor outlets offering the lowest prices. The Dangote Refinery's move is gradually making fuel imports less attractive, with its petrol now selling for significantly less than imported petroleum products.
This development has disrupted the fuel market dynamics, leading to a potential price war and putting additional pressure on importers already grappling with high landing costs. The situation underscores the need for importers to reassess their strategies in response to the Dangote Refinery's market influence.