- Imported petrol now costs N922.65 per litre, cheaper than Dangote’s N955.
- Oil marketers consider shifting to imports as depot prices drop nationwide.
- Stakeholders disagree on a 180-day import ban to support Dangote Refinery.
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EKO HOT BLOG reports that this reduction, amounting to N32.35, reflects the costs of shipping, import duties, and exchange rates, and has positioned imported fuel as a more attractive option for marketers. A leading oil dealer, who requested anonymity, noted that the lower cost of imported petrol is a key incentive for marketers to resume imports.
“The reduced landing cost is encouraging. You can’t blame marketers for exploring cheaper alternatives,” the dealer stated.
Last week, Dangote Petroleum Refinery attributed the rise in petrol prices, which increased from N899.50 to N955 per litre, to surging crude oil costs. However, the recent decline in the landing cost provides some relief amidst global market fluctuations and logistical challenges.
Despite the drop in import costs, petrol prices in Nigeria remain high, with major marketers selling at retail prices between N990 and N1,010 per litre in Abuja.
The latest energy report by the Major Oil Marketers Association of Nigeria (MOMAN) reveals a 2.2% reduction in on-spot import parity costs, which fell to N922.65 per litre from N943.75 per litre earlier in the week. However, the 30-day average cost rose slightly to N939.52 per litre on Friday.
Brent crude oil was priced at $78.29 per barrel, with the exchange rate pegged at N1,550 per dollar. These variables, along with freight costs, continue to influence the downstream oil market.
Depot prices across Nigeria also saw reductions last week. Nipco lowered its price from N965 to N960 per litre, while Sahara slashed N20 off its earlier rate, closing at N960 per litre. In Port Harcourt, Bulk Strategic Depot reduced its price from N1,005 to N981 per litre. Similar reductions were observed in depots across Delta and Calabar, maintaining price ranges between N972 and N990 per litre.
Recent data from the Nigerian Ports Authority revealed that between January 21 and January 22, 2025, marketers imported 57,301 metric tonnes of petrol, equivalent to approximately 76.84 million litres. The imports were handled by Tera Shipping Limited and Peak Shipping Agency Nigeria Limited at the Apapa and Tincan ports in Lagos.
Reacting to the developments, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, criticized the importation of refined products, stating that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) should enforce a 180-day ban on imports to allow Dangote Refinery to prove its production capacity.
However, Chinedu Ukadike, Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, countered, stating that there was no binding agreement against imports. He explained that the decision was a mutual understanding when Dangote’s products were cheaper but emphasized that marketers prioritize sourcing fuel at competitive rates.
