Petrol Will Rise Above ₦1,000 If NNPCL, Dangote End Price War – Alaje

WEDNESDAY March 5, 2025 |TheNewsDESK
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An economist, Paul Alaje, says the ongoing price war between the Dangote Refinery and the Nigerian National Petroleum Company (NNPC) Limited will “erode abnormal profit” enjoyed by capitalists.

“You may want to call it a price war but in economics, when a duopoly fights, it is the best for the populace because they will drive themselves to neutral profits,” Alaje said on Channels Television’s Politics Today programme on Tuesday.

He said Nigerians should be happy there is no agreement between NNPCL and Dangote Refinery. “More of the competition should go on,” the economist said, noting that “if any of them fizzle out, be ready to buy (petrol) at over ₦1,000 again.”

Alaje said if the “cartel” agrees, Nigerians are in trouble but the price war is good for the masses.

He said the price slash of petrol is sustainable, and that it should go below ₦700 per litre.

The economist, however, said NNPCL must produce locally to compete effectively with Dangote Refinery.