The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns that its members could face significant financial losses following Dangote Refinery's latest reduction in petrol prices.

IPMAN spokesperson, Chinedu Ukadike, revealed in an exclusive interview that petroleum marketers might lose between N20 and N25 per litre, potentially amounting to billions of naira, after Dangote Refinery announced a fresh N15 drop in the retail price of Premium Motor Spirit (PMS).

"For us, the independent marketers, it is a lose-win situation," Ukadike stated. "The loss is that those who have already gotten petrol products from Dangote Refinery or its partners will have to lose a N20 to N25 margin per litre and revert to the new price."

The IPMAN spokesperson had previously suggested that Dangote Refinery's strategy of reducing petrol prices is aimed at gaining control over the buying and distribution of petroleum products across Nigeria.

This development comes as Dangote Refinery reportedly reduced its petrol price to N825 per litre, intensifying what appears to be a price war in Nigeria's downstream oil and gas sector.

Industry analysts note that the price competition between Dangote Refinery and other players, including the Nigerian National Petroleum Company Limited (NNPCL), could potentially benefit consumers in the short term but may create market instability for retailers and independent marketers.

Earlier reports had indicated that marketers and retailers projected petrol pump prices might drop below N900 per litre nationwide following Dangote Refinery's entry into the retail market.

The refinery has previously stated that it is not competing with NNPCL but is committed to petrol price stability and reduction in Nigeria.

As the situation continues to evolve, consumers are watching closely to see how this price war will impact the overall fuel market and whether the benefits of lower prices will be sustainable in the long term.