The cost of bringing imported Premium Motor Spirit (PMS), commonly known as petrol, into Nigeria has risen above the price offered by the Dangote Petroleum Refinery, strengthening calls by industry stakeholders for greater reliance on locally refined fuel.
According to the latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria (MEMAN), the landed cost of imported petrol reached N1,223.32 per litre as of July 29. This is higher than the Dangote refinery’s gantry price of N1,215 per litre, making locally refined petrol the more affordable option for marketers.
The report also indicated that Dangote’s coastal supply price stood at N1,195 per litre, while the gantry price included regulatory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
MEMAN attributed the higher import cost to sustained increases in global crude oil prices and exchange rate pressures. During the review period, Brent crude averaged about $90 per barrel, while the naira traded at an average of N1,367.03 to the US dollar.
The latest figures come amid renewed calls by the Independent Petroleum Marketers Association of Nigeria (IPMAN) for the Federal Government to stop issuing licences for petrol imports. The association maintains that local refineries, especially the Dangote refinery, now have sufficient capacity to supply the domestic market.
IPMAN argued that continued dependence on imported fuel places additional pressure on Nigeria’s foreign exchange reserves, weakens investments in local refining and contributes to unnecessary price volatility. The association also said petrol imported under recently approved licences is being sold at prices above those supplied by the Dangote refinery, undermining efforts to stabilise fuel prices.
MEMAN’s market data also showed increases in the cost of other refined petroleum products. The landed cost of diesel rose to N1,739.96 per litre, while aviation fuel climbed to N1,616.43 per litre, reflecting continued pressure from high international crude prices.
Depot prices also recorded mixed movements across the country. AIPEC sold petrol at N1,216 per litre, while Ardova, Ascon and T-Time reduced their ex-depot prices slightly. Emadeb raised its price marginally, while NIPCO retained its previous rate.
Outside Lagos, Aradel increased its ex-depot price in Port Harcourt, while Matrix, Sigmund and T.S.L. reduced theirs. Similar price adjustments were recorded in Calabar and Warri, with some marketers cutting prices and others implementing slight increases.
The report noted that pump prices currently range between N1,250 and N1,300 per litre in Lagos and Ogun states, while motorists in northern and other distant locations continue to pay higher prices.
