Fuel prices in Nigeria may not drop below N1,000 per litre any time soon unless importers decide to initiate a price war against the Dangote Petroleum Refinery, The PUNCH reports.
As crude prices crashed to about $70 per barrel following the gradual return of oil supply through the Strait of Hormuz, many Nigerians expected fuel prices to fall to levels recorded before the US-Iran war began on February 28.
However, prices have remained high, with only marginal reductions by the Dangote refinery, the country’s major supplier of petrol, diesel, and aviation fuel.
Since the fourth quarter of 2024, the Dangote refinery has been Nigeria’s price setter, taking over from the Nigerian National Petroleum Company Limited, which previously played that role when it was virtually the country’s sole petrol importer due to the absence of functioning refineries.
As calls intensify for lower fuel prices following the drop in global crude oil prices, many Nigerians are looking to the Dangote refinery. However, the refinery appears to be looking elsewhere.
