Imported petrol landing cost hits N1,328 per litre as MEMAN rejects N1,350 price ceiling

Imported Premium Motor Spirit landed at N1,328 per litre, according to the latest data from the Major Energies Marketers Association of Nigeria. The figure sits close to Dangote Refinery's reported N1,325 per litre gantry price and comes as marketers push back against the Federal Government's proposed N1,350 per litre ceiling.

MEMAN's data showed imported petrol rose by at least N3 per litre. The narrow gap between the imported landing cost and the Dangote gantry price puts fresh focus on competition, supply costs and the case for local refining in Nigeria's deregulated downstream market.

Diesel and cooking gas costs

The pricing data also showed Automotive Gas Oil, known as diesel, landed at N1,880 per litre. That was N80 higher than Dangote Refinery's reported gantry price of N1,800 per litre, a wider gap than in petrol.

Liquefied petroleum gas, commonly used as cooking gas, was reported at N925,000 per metric tonne. MEMAN's figures underline how local refining and distribution costs shape the prices Nigerians pay, even when market conditions can move them in either direction.

The association said the landing costs do not automatically translate into the same pump prices nationwide. Transport, storage, distribution and retail margins can change what consumers pay at filling stations.

MEMAN opposes price ceiling

MEMAN opposed the proposed N1,350 per litre ceiling during its third-quarter press engagement, held virtually on Thursday in partnership with S&P Global Energy. The association warned that a government-imposed limit could distort competition, threaten supply and fail to solve supply chain problems.

It argued for transparent, market-driven pricing, better logistics and lower operating costs. It said arbitrary price caps could discourage investment, create uncertainty for suppliers and affect product availability. Its preferred route is policy that improves supply efficiency and cuts distribution costs, allowing competition to shape prices.

The Federal Government says its monthly price-modulation plan is not a return to petrol subsidy or price control. Taiwo Oyedele disclosed that the government was negotiating the N1,350 per litre ceiling on petrol's ex-gantry or landing cost.

Under the proposed arrangement, refiners and importers would initially absorb costs above the ceiling and recover the shortfall when market conditions improve. Oyedele described the mechanism as price modulation rather than a return to the petrol subsidy removed in May 2023 or conventional price control. The arrangement would reportedly be reviewed monthly, but questions remain over how suppliers would finance the extra costs and when they would recover losses.

Dangote depot price rises

Dangote Petroleum Refinery raised its listed petrol depot price in Lagos as oil marketers released new rates across major fuel depots. Depot price data recorded at midday on Thursday, October 15, 2026, showed Dangote's rate rose by N6 per litre from N1,342 to N1,348.

For consumers, the key issue is whether the policy can deliver relief at filling stations without disrupting supply or discouraging investment in local refining. Any movement in petrol prices affects transport costs, household budgets, traders and businesses nationwide.