A friend of mine, who is an importer of fuel, recently took a loss of 3 billion naira.
What happened?
He owns a couple of filling stations and so regularly imports fuel from abroad to serve those filling stations.
But this time, 3 months ago, it was cheaper to import fuel from abroad because the fuel from the Dangote refinery was more expensive.
Until Dangote started the price war, which he did not see coming.
The price war by Dangote refinery has made his product uncompetitive as nobody is buying his fuel anymore.
Because of this development, he took a hit of a 3 billion naira loss, as he is selling at a loss, and he is wondering how much longer before something gives because he is trading with a bank loan.
In my years of business, there are two people I can’t go against or bet against.
One of them is Elon Musk.
The last person is Aliko Dangote.
The reason is that they have the Midas touch, and so you can’t win them in any fight no matter how prepared you are.
I wish my friend and other petroleum marketers involved in this price war with Dangote all the best.
I want to buy cheap fuel; I don’t care where it comes from, and I think it is the same for the majority of our people.
At the end, may Nigerians win.
