The price of petrol in Nigeria may continue to stay above N1,000 per litre for some time if fuel marketers begin a price war with the Dangote refinery, as reported by The PUNCH newspaper.
Following a drop in crude oil prices to approximately $70 per barrel on the global market—due to the reopening of shipping routes through the Strait of Hormuz—many Nigerians had expected petrol prices to fall.
However, that has not happened, as the Dangote refinery only made a slight price reduction.
Since the end of 2024, the Dangote refinery has been leading the determination of petrol prices in Nigeria, after the NNPC ceased to be the major importer of fuel due to the commencement of operations at the Dangote refinery.
Amid calls for a reduction in petrol prices because of the decline in global crude oil prices, a senior official of Dangote Industries said the federal government should ask licensed fuel importers to lower their own prices.
The official, who requested anonymity, expressed surprise that importers of fuel from Russia—which he said is cheaper—have not reduced their selling prices.