By CoolNews Nigeria Business Desk
Fresh data released by the Major Energies Marketers Association of Nigeria (MEMAN) has revealed a significant shift in Nigeria’s downstream petroleum market, with the landing cost of imported Premium Motor Spirit (PMS), popularly known as petrol, falling below the price offered by the Dangote Petroleum Refinery.
The development is expected to intensify competition in the deregulated petroleum market and could influence future pump prices across the country if the trend is sustained.
According to MEMAN’s Energy Bulletin for June 24, 2026, the landing cost of imported petrol dropped to ₦983.92 per litre through the Average Spot Platts Mediterranean (ASPM) route, while imports through the NPSC-NOJ route stood slightly lower at ₦982.92 per litre.
The figures represent the estimated cost of importing petrol into Nigeria before distribution and retail expenses are added.
In contrast, Dangote Refinery’s ex-depot (gantry) price remained at ₦1,125 per litre, while its coastal supply price stood at ₦1,065 per litre. This means imported petrol currently enjoys a price advantage of about ₦141 per litre over fuel supplied directly from the refinery.
The latest figures mark one of the first occasions in recent months that imported petrol has become cheaper than locally refined fuel, highlighting the volatility of the global petroleum market under Nigeria’s fully deregulated pricing regime.
Spot Prices vs Long-Term Market Reality
Despite the lower spot landing cost, MEMAN noted that the 30-day average import parity price remained higher at ₦1,138.20 per litre, slightly above Dangote Refinery’s gantry price.
This suggests that while marketers can currently import petrol more cheaply due to favourable international market conditions, the longer-term average cost of imports still exceeds the refinery’s selling price.
Industry analysts say this illustrates how rapidly international oil prices, freight charges, insurance costs and foreign exchange rates can influence petroleum pricing in Nigeria.
Crude Oil Prices Ease
The report also showed a decline in global crude oil prices during the review period.
Brent crude averaged $78.24 per barrel, while the United States benchmark, West Texas Intermediate (WTI), averaged $69.90 per barrel.
Nigeria’s Bonny Light crude sold at an average of $79.64 per barrel, maintaining its premium over Brent due to its high-quality, low-sulphur composition, which remains attractive to international refiners.
The decline in crude prices contributed to the reduction in international refined petroleum product prices, ultimately lowering the cost of imported petrol into Nigeria.
Exchange Rate Remains Critical
MEMAN disclosed that the naira traded at an average exchange rate of ₦1,367.26 per US dollar during the review period based on the Central Bank of Nigeria’s weighted average Nigerian Foreign Exchange Market rate.
The association explained that exchange rate movements remain one of the biggest determinants of fuel prices because crude oil and refined petroleum products are purchased in US dollars.
Any appreciation or depreciation of the naira could therefore have a direct impact on the landing cost of imported petroleum products.
Diesel and Aviation Fuel Also Reflect Market Changes
The report further revealed similar pricing trends for diesel and aviation fuel.
Dangote Refinery’s diesel price remained at ₦1,500 per litre, while the 30-day average import parity stood at ₦1,487.71 per litre. However, the current spot import cost dropped significantly to ₦1,213.44 per litre, indicating that imported diesel has also become considerably cheaper in the short term.
For aviation turbine kerosene (Jet A1), Dangote sold the product at ₦1,450 per litre, compared to a spot import parity price of ₦1,201.23 per litre.
Unlike petrol and diesel, MEMAN noted that aviation fuel was the only product category that experienced upward pressure in its spot import parity during the review period, reflecting increasing costs within the international aviation fuel market.
Liquefied Petroleum Gas (LPG), commonly known as cooking gas, was sold by Dangote Refinery at ₦925,000 per metric tonne.
Nigeria Still Has West Africa’s Cheapest Petrol
Despite recent fluctuations in petroleum pricing, MEMAN maintained that Nigeria continues to record the lowest petrol prices across West Africa.
According to the report, the prevailing retail pump price of approximately ₦1,208 per litre in Lagos remains lower than prices recorded in neighbouring countries including Benin Republic, Togo, Ghana, Liberia, Cameroon, Côte d’Ivoire, Mali, Senegal and Sierra Leone.
The association attributed the price advantage largely to Nigeria’s domestic refining capacity and the competitive effects of market deregulation.
What It Means for Consumers
Although import costs have fallen below Dangote Refinery’s current selling price, industry experts caution that motorists should not expect an immediate reduction in pump prices.
Retail fuel prices depend on several variables beyond the landing cost, including transportation expenses, depot margins, marketers’ operating costs, exchange rate movements, taxes and overall supply conditions.
Analysts, however, believe that if the decline in international crude oil prices and import costs continues over the coming weeks, competition among marketers could eventually force pump prices downward, offering some relief to consumers already grappling with rising transportation and living costs.
The MEMAN report also showed that domestic average fuel prices during the seven-day period ending June 24 remained below Dangote’s current gantry prices. Petrol averaged ₦1,001.76 per litre, diesel averaged ₦1,243.09 per litre, while aviation fuel averaged ₦1,202.24 per litre, further reflecting the dynamic pricing environment currently shaping Nigeria’s deregulated petroleum market.
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