Petrol refined by the Dangote Petroleum Refinery is currently about N46 per litre cheaper than imported Premium Motor Spirit, according to the latest data from the Major Energies Marketers Association of Nigeria.
The figures indicate that domestic refining is maintaining a price advantage over imported petrol despite a recent increase in the refinery’s selling price.
MEMAN’s latest energy bulletin showed that Dangote’s gantry price is N1,265 per litre, while the spot import-parity price under the ASPM benchmark is N1,310.64 per litre.
Using the NPSC-NOJ benchmark, imported petrol is valued at N1,309.63 per litre. This puts the difference between locally refined and imported petrol at N45.64 and N44.63 per litre respectively.
Dangote increased its gantry price by N100 last week, moving it from N1,165 to N1,265 per litre. Despite the adjustment, its petrol remains below the estimated cost of bringing equivalent products into Nigeria.
The refinery’s coastal price was also listed at N1,245 per litre.
The latest figures have renewed questions about the continued importation of petrol, particularly as independent marketers have argued that imported products are no longer providing the price competition expected from the policy.
The Independent Petroleum Marketers Association of Nigeria has previously called on the Federal Government to reconsider the issuance of petrol import licences.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, said the current import regime had failed to achieve its intended purpose of moderating prices.
According to him, marketers were finding that imported products were costing more than petrol supplied by the Dangote refinery, while the continued demand for dollars to finance imports was putting additional pressure on the foreign exchange market.
Ukadike also questioned the rationale for importing petrol from neighbouring markets such as Lomé when the product could be obtained at a lower price from a domestic refinery.
He argued that the import policy was contributing to uncertainty in the downstream petroleum sector rather than stabilising prices.
The development comes as the Dangote refinery faces concerns over the growing volume of imported petrol entering Nigeria.
The refinery recently disclosed that imported PMS represented about 43 per cent of fuel supplied to the Nigerian market in July. It said the situation had made it difficult to predict domestic demand and maintain large inventories.
Dangote said it had been keeping sufficient petrol stocks to meet local demand but that holding excess inventory became difficult when imported volumes could enter the market without clear visibility.
As a result, the refinery said it could be forced to export surplus petrol to other markets.
The refinery has also expressed concern over the alleged blending of imported petrol with products supplied by Dangote, saying such practices could create difficulties in determining the origin and quality of fuel sold to consumers.
Meanwhile, depot prices across major locations showed Dangote offering one of the lowest petrol prices in the country.
In Lagos, Dangote sold at N1,265 per litre, while MRS was listed at N1,267. Several other depots, including Aiteo, Ascon, Integrated, NIPCO, Rain Oil and Sahara, were selling at N1,280 per litre.
Pinnacle’s Lagos price stood at N1,290 per litre.
In Port Harcourt, petrol prices ranged from N1,287 to N1,310 per litre, while prices in Warri were between N1,295 and N1,300. Calabar recorded prices ranging from N1,295 to N1,310 per litre.
MEMAN also reported that the seven-day average ICE petrol price was $1,337.96 per metric tonne, highlighting the continued influence of international refined-product prices on Nigeria’s downstream market.
Crude prices also recorded mixed movements. Nigeria’s Brass River crude rose from $99.22 to $101.19 per barrel, while Brent increased from $95.56 to $96.11. West Texas Intermediate, however, edged down from $91.51 to $91.37 per barrel.
The bulletin placed the official exchange rate at N1,321.22 to the dollar and the parallel-market rate at N1,400.
With domestic petrol currently selling below the import-parity benchmark, the figures suggest that increased reliance on locally refined products could help reduce exposure to international product prices and foreign exchange pressures.
