Price War Rages as Top Filling Stations Reduce Petrol Costs Again Nationwide, Crude Falls Further

• The raging price war between petroleum product marketers has forced retail outlets to cut prices further 
• Findings show that leading petroleum product marketers such as NIPCO and Rainoil reduced their prices below N860 per litre in some locations
• Also, Dangote and NIPCO crashed diesel prices, which analysts say was due to falling crude costs globally

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Petroleum product marketers have intensified the price war amid falling crude oil costs globally.

Due to low crude oil costs, the downstream operators adjusted their petrol and other petroleum products prices.

New petrol prices emerge nationwide

Findings showed that the dealers' new price cuts were also caused by competition as local producers and retail stations battled imported petroleum products.

Data from the petroleum product marketers shows that leading marketers adjusted their fuel prices.

The information shows that NIPCO and Rainoil reduced their pump prices to N841 per litre from N842, Vanguard reports.

Diesel prices fall in some locations

Also, Rainoil Delta adjusted its petrol prices in Warri to N860 per litre from N860, while Mainland in Calabar reduced its prices to N874 per litre from N875.

NIPCO also adjusted its diesel prices to N955 per litre from N980, while Dangote lowered its petrol prices from N945 to N940 per litre.

Marketers raise alarm over imported fuel ban

Meanwhile, Legit.ng earlier reported that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned the Nigerian government against imposing a blanket ban on imported goods, especially petroleum products.

The marketers disclosed that the move could cause economic and supply chain issues.

PETROAN says new policy could cause inflation

PETROAN’s warning comes as the Nigerian government said it will restrict importing foreign goods that could be produced locally.

PETROAN’s national president, Billy Gillis-Harry, disclosed that the policy could exacerbate inflation and expressed the need for energy security.

He said the association’s concern is the availability and affordability of petroleum products to meet Nigeria’s daily consumption volume, estimated at over 46 million litres of petrol and other petroleum products.

According to him, the country must ensure its policies do not jeopardise energy security, which could affect the economy and Nigerians.

Oil marketers ask FG to boost refining capacity

PETROAN also called for increased investment in local refining infrastructure and support for domestic industries to boost competitiveness.

Gillis-Harry said that through wisdom and caution, the association believes the government can achieve its plans while reducing potential economic disruptions.

The association commended the government’s efforts to boost the domestic economy and promote local content, stressing the need for careful consideration to avoid unintended consequences.

PETROAN lists items to be exempted from the ban

According to the association, the Nigerian government should ensure that the policy does not lead to shortages or price increases, especially in the petroleum industry, as the country is still developing its refining capacity.

It asked that critical and sensitive products such as petroleum products, pharmaceuticals, and other essential consumables be exempted from the proposed ban or have waivers to ensure availability.

The Sun reports that the association said other factors may cause imports, including the absence of specialised technology, higher quality standards of imported goods, and economies of scale favouring imports.

Dangote names those frustrating Tinubu’s reforms

Legit.ng earlier reported that the president of the Dangote Group, Aliko Dangote, accused oil marketers and traders of trying to frustrate President Bola Tinubu’s economic reforms.

The billionaire businessman disclosed this at the presidential villa after meeting Tinubu on Monday, May 5, 2025.

Dangote cited his recent fights with cabals in the oil sector and said his accusations were not directed at the leadership of the Nigerian National Petroleum Company Limited (NNPC).

Source: Legit.ng