The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has criticized the Dangote Petroleum Refinery for selling petrol at N990 per litre, calling the price inconsiderate, especially since the company benefited from significant foreign exchange concessions during its construction. PETROAN claims that imported petrol is currently cheaper, with the landing cost of imported fuel standing at N978 per litre as of October 31, 2024.
PETROAN’s Publicity Secretary, Joseph Obele, argued that Dangote’s price-setting is based on international market rates rather than the cost of production and a fair margin. He emphasized that PETROAN plans to import high-quality fuel and sell it at lower prices, once granted import permits. Obele further accused Dangote of attempting to maintain a monopoly by making unfounded allegations about PETROAN’s plans to import substandard products.
PETROAN also expressed its support for President Bola Tinubu’s efforts to revive Nigeria’s state-owned refineries but advocated for the privatization of the Port Harcourt and Warri refineries to enable competition and reduce prices. The association warned that the downstream sector would suffer if monopolistic practices continue.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) clarified that it does not operate a blending plant in Lagos and reiterated ongoing discussions with Dangote to begin lifting fuel from the new refinery.
