Nigerian fuel importers are coming under fresh pressure as rising international petrol prices and higher shipping costs increase the cost of bringing fuel into the country, according to a new report by S&P Global Commodity Insights.
The report said importers are also facing stiff competition from the Dangote Petroleum Refinery, whose pricing has continued to reduce the attractiveness of importing petrol into Nigeria.
Market traders quoted in the report explained that petrol prices in Nigeria remain largely influenced by Dangote Refinery’s pricing, making it difficult for importers to compete.
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They noted that petrol prices in Lomé, Togo, have risen above Dangote’s selling price, eliminating the profit opportunities that previously encouraged imports into Nigeria.
Although traders had expected the refinery to increase its coastal sales price, the report said Dangote maintained its existing prices, despite introducing dollar-based pricing.
The report also highlighted a sharp increase in freight costs for transporting petroleum products from Europe to West Africa, further raising the cost of fuel imports.
In addition, tighter supplies of diesel from Russia’s Black Sea region have pushed diesel prices higher across West Africa.
