The price of imported premium motor spirit (petrol) remains higher than the Dangote Refinery’s ex-depot price of N699 per litre, intensifying competition among fuel marketers in Nigeria.

According to the Major Energies Marketers Association of Nigeria (MEMAN), landing costs for imported petrol have been fluctuating between N750 and N780 per litre, while Dangote’s gantry price has remained steady at N699 per litre since December. The price gap has made it challenging for importers to sell petrol at competitive rates.

MEMAN’s latest bulletin showed that imported petrol costs recently fell slightly to N754.96 per litre from N758 the previous week. Despite this decrease, Dangote’s lower price is still roughly N44 cheaper than the imported alternatives.

The refinery cut its gantry price by N129 in December to ensure Nigerians paid no more than N740 per litre during the festive season and to discourage importation.

However, the move has come at a cost. Dangote revealed that the refinery lost about N60 billion in November alone after reducing prices by N49 per litre. Importers also report losses as they try to compete with Dangote-backed outlets.

“The situation is a cat-and-mouse game. Someone has to give up, and I’m not giving up,” Dangote said, emphasizing the scale of the refinery’s $20 billion investment and the need to remain competitive.

Over the weekend, the price war deepened. Filling stations have lowered pump prices below N739 per litre, with NIPCO selling at N738, SAO at N735, Akiavic at N737, and an AP station in Mowe, Ogun State, at N736 per litre. Meanwhile, some stations, like Heyden, still sell petrol at N780 per litre.

Motorists are increasingly choosing outlets offering the lowest prices, forcing competitors to closely monitor rivals to avoid losing customers. Retailers supplied directly by Dangote have been able to stay competitive, especially against MRS Oil, the refinery’s main partner in implementing the price reduction.