Petrol landing cost drops to ₦839.97, but Nigerians still pay over ₦900 per litre as depot owners and Dangote refinery keep pump prices high

Petrol landing cost has fallen slightly to ₦839.97 per litre, but Nigerians continue to pay well above ₦900 at the pump, deepening frustration over the widening gap between import costs and retail prices.

Also read: Petrol Price Hike Nigeria Sparks Fresh Import Moves

According to fresh data from the Major Energies Marketers Association of Nigeria (MEMAN), the petrol landing cost declined from ₦849.61 to ₦839.97 per litre between October 13 and 21.

The report shows a steady downward trend, yet the benefit has not reached consumers.

Despite this positive movement, depot owners have refused to lower their gantry prices. Filling stations operated by major marketers like Mobil still sell petrol at around ₦915 per litre, while outlets owned by the Nigerian National Petroleum Company Limited list prices as high as ₦928.

The report also indicates that the latest import landing cost is about ₦37 cheaper than the Dangote refinery’s gantry price of ₦877 per litre.

Dangote had earlier raised its ex-depot price from ₦820 without notice, disappointing Nigerians who expected a reduction to ₦841 as promised during the refinery’s compressed natural gas-powered truck launch in September.

The petrol landing cost trend contradicts the broader market outlook. Both crude oil prices and exchange rates — key price determinants — have been relatively stable.

The naira has strengthened from around ₦1,700 to ₦1,470 per dollar, while Brent crude fell to about $61 per barrel, its lowest since May.

Despite these favourable indicators, depot prices and retail margins remain high. The Independent Petroleum Marketers Association of Nigeria has blamed depot owners for the recent hike, alleging that some refineries have refused to load paid-for products.

Dangote’s partners, including Heyden and MRS, continue to sell above ₦920 per litre, creating what marketers describe as a distorted price environment. Industry experts say this disparity has further eroded public trust in the petroleum pricing system.

The Depot and Petroleum Product Marketers Association of Nigeria (DAPPMAN) insists that portraying Dangote’s price cuts as patriotic gestures oversimplifies a complex market. Its Executive Secretary, Olufemi Adewole, argued that the refinery’s timing often hurts other importers.

He explained that “price reductions were introduced when importers had active cargoes at sea, causing shocks that undermined competition and created financial strain.” Adewole maintained that Nigeria’s downstream stability should not rely solely on one refinery.

With petrol landing cost figures showing a steady fall and crude prices easing, Nigerians are questioning why pump prices have not reflected these changes.

The situation, many say, highlights deep inefficiencies and weak regulation in the petroleum supply chain.

Also read: Dangote Refinery Dismisses False Petrol Import Claim

As the cost of living crisis persists, consumers are growing impatient for a genuine market correction that aligns retail petrol prices with current economic realities.