Petrol import cost tops Dangote's gantry price as marketers release new rates
By Aboki Forex —
Importing petrol into Nigeria now costs more than buying from Dangote Refinery, according to fresh data from the Major Energies Marketers Association of Nigeria (MEMAN). The spot landed cost of imported Premium Motor Spirit stood at N1,223.32 per litre as of July 29, while Dangote Refinery's gantry price was N1,215 per litre.
That leaves a difference of N8.32 per litre in favour of the Lekki-based refinery. Dangote also offered a coastal price of N1,195 per litre. Its daily capacity is 650,000 barrels.
The higher gantry price includes charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Why import costs rose
MEMAN linked the increase to two main factors: firmer global oil prices and a weaker naira. Brent crude averaged $90 per barrel during the review period. The naira exchanged at an average of N1,367.03 to the dollar.
The same pressures lifted prices across other imported products. Diesel landed at N1,739.96 per litre, compared with a 30-day average of N1,427 per litre. Aviation fuel reached N1,616.43 per litre, against a 30-day average of N1,421.10 per litre. European diesel traded at an average of $1,246.54 per metric tonne internationally.
IPMAN renews import licence demand
The Independent Petroleum Marketers Association of Nigeria (IPMAN) used the fresh data to renew its call on the federal government to stop issuing petrol import licences. The group argued that domestic refineries can meet local demand and that continued imports strain Nigeria's foreign exchange reserves while putting local producers at a competitive disadvantage, according to Punch.
IPMAN says sourcing fuel from domestic refineries is now more cost-effective and essential to stabilising the downstream sector over the long term.
Depot and pump prices across the country
At the depot level, ex-depot prices moved in different directions across major hubs. In Lagos, AIPEC sold petrol at N1,216 per litre, while Ardova and several others priced at between N1,216 and N1,218 per litre. In Port Harcourt, Aradel raised its depot price to N1,240 per litre, while Matrix, Sigmund and T.S.L. cut theirs to between N1,224 and N1,225 per litre. Calabar recorded price reductions, while Warri depots posted mixed movements, according to data from Petroleumprice.ng.
At the pump, retail prices in Lagos and Ogun states currently average between N1,250 and N1,300 per litre. Northern and inland markets pay more due to transport costs from supply hubs.
NNPC Limited has also pushed up pump prices. NNPC outlets in Lagos now sell petrol at N1,300 per litre, up from N1,118, a jump of N182. In Abuja, the price moved from N1,210 to N1,330 per litre, a rise of N120.
The widening gap between import costs and Dangote's gantry price shows how exchange rate pressures are feeding into fuel prices. It also strengthens the argument that local refining can shield the market from global price swings, though retail prices are still climbing across the country.