Nigeria’s downstream petroleum sector has descended into what industry players describe as a full-blown price war following the decision by the Dangote Petroleum Refinery to slash the gantry price of Premium Motor Spirit (petrol).

The move has triggered massive losses for fuel importers, depot owners, and retail marketers, even as the refinery itself admits it is bleeding financially.

Findings show that petrol importers are on the verge of losing as much as N102.48bn monthly after the Dangote refinery reduced its gantry price from N828 per litre to N699.

At the same time, the refinery is also projected to lose about N91bn in a month as a direct consequence of the price cut, underscoring the intensity of the competition currently reshaping Nigeria’s downstream oil market.