On Friday, some oil marketers alleged that the Dangote Refinery was selling petrol at prices between N1,015 and N1,028 per litre. According to these marketers, this price is notably higher than the importation cost, which they estimated at N978.01 per litre as of October 31, 2024. They suggested that, under these circumstances, it would be more economical to import fuel than to purchase it domestically from Dangote Refinery.
Dangote Group Dismisses Allegations
In response to these claims, Dangote Group took to its X (formerly Twitter) account to denounce the reports, labeling them as “fake news.” The Group firmly denied any truth to the allegations that it was charging N1,015 to N1,028 per litre for petrol.
IPMAN’s Position on the Price Discrepancy
The Independent Petroleum Marketers Association of Nigeria (IPMAN) added to the discourse by suggesting that Dangote Refinery’s prices were higher than other options available to marketers. Yakubu Suleiman, IPMAN’s National Assistant Secretary, stated on Arise Television’s Morning Show that IPMAN members would prioritize sourcing fuel where it is more affordable, aiming to secure profits while also considering the financial burden on Nigerian consumers.
Bottom Line
While Dangote Refinery denies accusations of inflated fuel prices, the debate underscores ongoing challenges in Nigeria’s fuel market, where pricing and supply stability are crucial for both marketers and consumers. IPMAN’s comments suggest that price competition will continue to shape decisions in the petroleum market, as stakeholders strive to balance profit with the need to keep fuel accessible for Nigerians.
