The landing cost of imported petrol has fallen to ₦829.77 per litre, according to new data from the Major Energies Marketers Association of Nigeria (MEMAN). The decline comes just as President Bola Tinubu approved a 15% import duty on petrol and diesel, a move aimed at encouraging local refining and reducing Nigeria’s reliance on foreign fuel.
The MEMAN report showed that the average cost of imported fuel dropped from ₦849 per litre in mid-October to ₦829.77 by the end of the month. Despite the reduction, the Dangote Refinery’s ex-depot price remained around ₦877 per litre, while most filling stations in Lagos and Ogun sold petrol for an average of ₦920.
Presidential aide Sunday Dare described the new tariff as a “strategic bridge” to strengthen Nigeria’s energy independence. He said the policy will make imported fuel less competitive, protect local refiners like Dangote and Port Harcourt, and stimulate job creation by keeping production within the country.
The tariff will officially take effect after a 30-day transition period ending on November 21, 2025. Government officials say the measure will protect domestic refiners from cheap imports, especially those sourced from Russia through neighboring countries like Togo.
However, industry stakeholders have warned of possible fuel shortages if local refineries fail to meet national demand. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) urged regulators to monitor the market closely to prevent monopolies and ensure a level playing field for both refiners and importers.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has reduced its pump price by ₦10, bringing it down from ₦955 to ₦945 per litre at many outlets, citing improved supply from the Dangote Refinery. Price checks across Lagos showed some NNPCL stations selling petrol between ₦920 and ₦928 per litre, though variations still exist across locations.
In a related development, Oando Plc has announced a suspension of petrol imports as the Dangote Refinery’s growing output reshapes Nigeria’s downstream market. The company said its trading revenue dropped by 20% in the first nine months of 2025 due to reduced PMS imports, but it recorded a sharp 164% rise in net profit driven by stronger crude production and diversification into gas and metals trading.
Oando noted that the refinery’s success in meeting Nigeria’s fuel needs has transformed the domestic market, prompting a shift in focus toward crude exports and liquefied natural gas.
Since beginning operations in 2024, the 650,000-barrel-per-day Dangote Refinery has significantly reduced the country’s dependence on imported fuel. Analysts say the new import tariff could further consolidate local refining dominance, though its long-term success will depend on consistent production and fair market regulation.
