Petrol landing cost hits N1,314.67 per litre as depots raise prices again
By Aboki Forex —
Nigeria's petrol landing cost has climbed to N1,314.67 per litre, according to the latest data from the Major Energies Marketers Association of Nigeria (MEMAN). Several depots have raised ex-depot petrol prices for the second time in under a week, pushing pump prices higher across the country.
MEMAN also put the landing cost of diesel at N1,850.66 per litre. These import benchmarks are now broadly level with, or above, what most depots and the Dangote Refinery currently charge for the products.
Depot prices move up again
Market data from Petroleumprice.ng showed that Integrated, Ascon and Sahara depots were each selling petrol at N1,280 per litre as of Thursday. Dangote Refinery priced its petrol at N1,265.50 per litre.
That leaves the MEMAN landing cost N34.67 above the average Lagos depot price and N49.17 above Dangote Refinery's petrol price.
A market survey by PetroleumpriceNG found that several depot operators raised their ex-depot petrol prices for the second time in less than a week. Prices now range from N1,300 to N1,310 per litre, up from an earlier range of N1,265 to N1,275.
Matrix Warri adjusted its price to N1,300 per litre. Optima depot moved to N1,305. The Calabar depot raised its price to N1,310 per litre. These increases mean a rise of between N25 and N35 per litre for the affected facilities.
The earlier round of price hikes followed Dangote Refinery's decision to set its gantry price at around N1,265 per litre, which prompted several depot operators to review their own rates.
Pump prices and diesel relief
Filling stations in Abuja were selling petrol at between N1,310 and N1,350 per litre at the time of reporting. Stations have also increased pump prices to reflect dynamics in the downstream market.
On diesel, Dangote Refinery reduced its gantry price by N100 to N1,600. Analysts said the cut is expected to fuel a new wave of price competition in the downstream market, with depot prices having been high recently. In recent days, diesel sold for between N1,660 and N1,670 across major Lagos depots.
Renewed US-Iran tensions and risks around the Strait of Hormuz are pushing global crude prices toward the $100 per barrel mark. That external pressure is filtering into Nigeria's landing cost figures and wholesale pricing.
For Nigerian consumers and businesses, the gap between import cost and local pump prices means further upward adjustments may be inevitable unless crude prices ease or local refining supply expands. The diesel price cut offers some hope for transport, logistics and manufacturing costs, but petrol remains the main pressure point for households.