MEMAN data shows imported PMS landed at N1,223.32 per litre on July 29, above Dangote Refinery’s N1,215 gantry price

The rising imported petrol cost has strengthened calls for Nigeria to prioritise local refining, after fresh industry data showed that bringing Premium Motor Spirit into the country now costs more than buying supplies from the Dangote Petroleum Refinery.

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The latest Energy Bulletin from the Major Energies Marketers Association of Nigeria showed that the spot landed cost of imported petrol reached N1,223.32 per litre as of July 29, compared with the Dangote refinery’s gantry price of N1,215 per litre.

The figures mean imported petrol was N8.32 per litre more expensive than the product offered at the 650,000-barrels-per-day refinery’s gantry, highlighting the growing cost advantage of locally refined fuel.

MEMAN’s data also showed that Dangote Refinery’s coastal price stood at N1,195 per litre, while its gantry price, including charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, was N1,215 per litre.

The pricing shift comes as petroleum marketers intensify calls for the Federal Government to reconsider the continued importation of petrol, arguing that domestic refining capacity can increasingly meet local demand.

The Independent Petroleum Marketers Association of Nigeria has been particularly vocal in urging an end to petrol imports.

IPMAN National Publicity Secretary, Chinedu Ukadike, recently argued that there was little justification for importing petrol when locally refined products were available for the domestic market.

Ukadike said continued imports placed additional pressure on Nigeria’s foreign exchange market and undermined investment in domestic refining capacity.

The latest MEMAN figures appear to reinforce that argument, although the economics of fuel supply remain sensitive to international crude prices, exchange rates, logistics and regional distribution costs.

During the period covered by the bulletin, Brent crude averaged $90 per barrel, while the naira traded at an average of N1,367.03 to the dollar. Both factors contributed to the cost of imported refined products.

The bulletin also recorded sharp movements in other petroleum products. The spot landed cost of diesel climbed to N1,739.96 per litre, compared with a 30-day average of N1,427 per litre.

Aviation fuel also rose to N1,616.43 per litre, against a 30-day average of N1,421.10 per litre.

The figures point to continued pressure on the downstream petroleum market as global crude prices and foreign exchange conditions influence the cost of importing refined products.

IPMAN has also criticised the continued issuance of petrol import licences, arguing that imports have not delivered the intended effect of moderating domestic pump prices.

The association maintains that imported fuel is increasingly arriving at prices above locally refined supplies, a situation it says could contribute to market volatility while weakening the competitiveness of domestic refineries.

Meanwhile, depot prices continued to shift across major petroleum distribution centres on Thursday, reflecting changing market conditions.

In Lagos, AIPEC sold petrol at N1,216 per litre, while Ardova reduced its ex-depot price by N1 to N1,217 per litre. Ascon and T-Time each cut their prices by N2 to N1,216 per litre.

Emadeb increased its price by N1 to N1,218 per litre, while NIPCO retained its price at N1,217 per litre.

In Port Harcourt, Aradel raised its ex-depot price by N5 to N1,240 per litre. Matrix and Sigmund reduced their prices by N10 each to N1,225 and N1,224 per litre respectively, while T.S.L. cut its price by N15 to N1,225 per litre.

In Calabar, Hong Petroleum, Mainland and Sobaz each reduced their depot prices by N5 to N1,220 per litre.

In Warri, A.Y.M. Shafa increased its price by N3 to N1,233 per litre, while Optima raised its price by N2 to N1,232 per litre. Matrix reduced its price by N3 to N1,230 per litre, while Rainoil cut its price by N2 to N1,240 per litre.

The varied depot prices reflect the geographical differences in Nigeria’s fuel distribution network, with transportation costs and proximity to supply points influencing prices across the country.

Pump prices were reported to be around N1,250 to N1,300 per litre in Lagos and Ogun states, while consumers in northern states and other locations farther from major supply centres generally face higher prices.

For Nigeria’s downstream sector, the latest pricing data could intensify the debate over the future of petrol imports. With the imported petrol cost now above Dangote Refinery’s gantry price, marketers are increasingly pressing for a stronger focus on domestic production.

The development also represents a significant test of the country’s long-running transition towards greater local refining. If domestic refineries can consistently supply competitively priced petrol, the shift could reduce exposure to foreign exchange pressures and international supply disruptions.

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For consumers, however, the ultimate benefit will depend on whether the lower wholesale cost of locally refined petrol translates into more stable and affordable pump prices across the country.