Economic experts like Bismarck Rewane had explained that Nigerians would be the ultimate beneficiaries in the current fuel price war, as they would always get the best deals.

That prediction has turned out to be true in recent weeks, with the Nigerian National Petroleum Corporation Limited (NNPC) and Dangote Refinery constantly adjusting prices to stay ahead in the competition.

However, recent checks show that more players are joining the competition by offering prices lower than those of Dangote Refinery and the NNPC.

List of filling stations selling below Dangote price

Data from petroleumprice.ng shows that Dangote Refinery sold PMS at N840 on Thursday to its partners.

This is the same price offered by some players at the filling station, making them cheaper than the Dangote refinery partners.

-Matrix in Lagos sold at N840

-Rain Oil in Lagos sold fuel at N840

-Aiteo and Aipec sold even lower at N838.

The PUNCH report also confirms that prices vary from one state to the other, cheaper in Lagos, and rising as one moves further south due to logistics.

To make the competition more interesting, there are also filling stations selling in the same price range as Dangote Refinery partners.

-Matrix in Warri sells fuel at N870.

-First Fortune sold at N868.

-Sigmund, N875.

-Liquid Bulk, N870. Pinnacle, Mao, Sahara, AA Rano sold at N889.

-The SGR filling station in the Sagamu and Mowe axis of Ogun sold at N855 per litre as of Thursday.

Checking the prices on Thursday, Dangote Refinery partners MRS and Heyden were seen to be selling at N890 and N885 per litre in Ogun state.

Interestingly, several filling stations in Ogun state, particularly along the Sagamu-Benin and the Lagos-Ibadan Expressways, were selling below the Dangote Refinery partners.

Dangote cuts price as FG returns naira-for-crude deal

Recall that Dangote Refinery immediately announced a price cut after the federal government made its decision to continue with the naira-for-crude deal.

Landing cost of imported fuel dropped subsequently, but the local refinery dropped its prices below to stay ahead. There has also been several price cuts since then, but a report from S&P Global suggested that the price cuts are not attractive enough to stop fuel importation into Nigeria, the PUNCH reports.

S&P Global says Dangote price not low enough

S&P Global's report said the price cuts from Dangote Refinery were not commensurate with the global fall in prices.

Examining the reasons why fuel importation continues despite local production, the report said;

“Incentives to ship products to West Africa have also come from the pricing at Nigeria’s Dangote refinery. While flat prices have been driven down massively amid falling crude prices, Dangote has not lowered gantry prices for truck volumes significantly.

“Between April 1 and April 9, the Eurobob M1 swap fell from $734.25 per metric tonne to $603/MT, a 17.9 per cent fall, before recovering somewhat. But over the same period, Dangote’s truck price at the gantry dropped just 1.7 per cent from N880/litre to N865/litre (and later N835).