Petrol Import Cost Falls Below Dangote Refinery Price as Landing Cost Drops to ₦983.92/Litre

Petrol Import Cost Falls Below Dangote Refinery Price as Landing Cost Drops to ₦983.92/Litre

Petrol import landing cost has dropped to ₦983.92 per litre, lower than Dangote Refinery's ₦1,125 gantry price. See what MEMAN's latest report means for fuel prices in Nigeria.

The landing cost of imported Premium Motor Spirit (PMS), popularly known as petrol, has dropped significantly to ₦983.92 per litre as of June 24, 2026, falling below the ₦1,125 per litre gantry price offered by Dangote Refinery.

Fresh data released by the Major Energies Marketers Association of Nigeria (MEMAN) reveals that the decline in import costs reflects easing international oil prices, creating fresh competition in Nigeria's downstream petroleum sector.

Petrol Import Landing Cost Now Lower Than Dangote Refinery Price

According to MEMAN's latest Energy Bulletin, the spot import parity price for petrol stood at:

- ₦983.92 per litre via the ASPM route

- ₦982.92 per litre via the NPSC-NOJ route

These figures are approximately ₦141 lower than Dangote Refinery's gantry price of ₦1,125 per litre, indicating that imported petrol has become cheaper than locally refined supplies on a spot basis.

Industry analysts say the development could influence future pricing decisions by marketers and potentially impact pump prices nationwide.

30-Day Average Still Favors Dangote Refinery

Despite the lower spot import costs, MEMAN noted that the 30-day average import parity price remained higher at ₦1,138.20 per litre, slightly exceeding Dangote Refinery's gantry price.

This suggests that while short-term import costs have eased, long-term import pricing still remains relatively expensive, creating a mixed outlook for petroleum marketers.

Global Crude Oil Prices Continue to Decline

The report also showed a decline in international crude oil prices during the review period:

- Brent Crude: $78.24 per barrel

- West Texas Intermediate (WTI): $69.90 per barrel

- Bonny Light: $79.64 per barrel

Nigeria's Bonny Light crude continued trading slightly above Brent due to sustained international demand for its premium low-sulphur quality.

Exchange Rate Remains Key Factor

MEMAN disclosed that the naira averaged ₦1,367.26/$1 during the week based on the Central Bank of Nigeria's official weighted exchange rate.

Since crude oil and refined petroleum products are priced in US dollars, exchange rate fluctuations continue to play a major role in determining the final landing cost of imported fuel.

Diesel and Jet Fuel Import Costs Also Ease

The report showed similar trends across other petroleum products.

Diesel (AGO)

- Dangote gantry price: ₦1,500/L

- Spot import parity: ₦1,213.44/L

- 30-day average parity: ₦1,487.71/L

Aviation Fuel (ATK)

Dangote Refinery currently sells aviation turbine kerosene at ₦1,450 per litre, while the spot import parity stands at ₦1,201.23 per litre.

MEMAN noted that jet fuel was the only petroleum product recording an increase in spot import parity, indicating renewed pressure in the aviation fuel market.

LPG Prices Remain Stable

Liquefied Petroleum Gas (LPG), commonly known as cooking gas, was sold at ₦925,000 per metric tonne at Dangote Refinery.

Ex-depot fuel prices also varied across major cities:

- Lagos petrol: ₦1,125–₦1,130/L

- Port Harcourt diesel: ₦1,550–₦1,555/L

Nigeria Still Has the Cheapest Petrol in West Africa

Despite ongoing price adjustments, MEMAN maintained that Nigeria remains the cheapest petrol market in West Africa.

The association said the lowest pump price in Lagos stood at approximately ₦1,208 per litre, significantly lower than prevailing prices in:

- Liberia

- Benin Republic

- Togo

- Ghana

- Cameroon

- Côte d'Ivoire

- Mali

- Senegal

- Sierra Leone

Nigerian Energy Stocks Show Mixed Performance

On the Nigerian Exchange (NGX), most energy stocks traded flat during the session.

However:

- Geregu Power declined by 10%

- Oando lost 3%

Meanwhile, Seplat Energy remained the highest-priced energy stock on the exchange.

Seven-Day Average Domestic Fuel Prices

MEMAN's report also highlighted the seven-day average domestic prices as of June 24:

- Petrol: ₦1,001.76/L

- Diesel: ₦1,243.09/L

- Aviation Fuel: ₦1,202.24/L

These averages remain below Dangote Refinery's current gantry prices, reflecting the recent easing in international petroleum markets.

What This Means for Nigerians

The sharp decline in petrol import landing costs could increase competition among fuel suppliers and put pressure on domestic fuel prices if the trend continues.

However, exchange rate volatility, crude oil prices, logistics costs, and government policies will remain major factors influencing pump prices across Nigeria.

Frequently Asked Questions (FAQs)

Why is imported petrol now cheaper than Dangote Refinery's petrol?

International crude oil prices have declined, reducing the cost of importing petrol into Nigeria. As a result, the current spot landing cost is temporarily lower than Dangote Refinery's selling price.

Will petrol pump prices reduce?

A reduction is possible if marketers pass on the lower import costs to consumers. However, exchange rates, transportation costs, and market competition will determine the final retail price.

What is petrol landing cost?

Landing cost is the total expense of importing petrol into Nigeria, including the purchase price, freight, insurance, port charges, taxes, and other logistics costs.

Is Nigeria still the cheapest petrol market in West Africa?

Yes. According to MEMAN, Nigeria currently has the lowest petrol prices among major West African countries.

Conclusion

The latest MEMAN report highlights a significant shift in Nigeria's petroleum market, with imported petrol temporarily becoming cheaper than locally refined products. While the development could encourage increased competition and potentially lower fuel prices, the sustainability of the trend will largely depend on global crude oil prices, exchange rate stability, and domestic market dynamics.

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