LAGOS / ABUJA — A significant shift in Nigeria’s downstream petroleum sector has emerged this week as new data reveals that imported Premium Motor Spirit (petrol) has become substantially cheaper than locally refined products. According to the latest weekly report from the Major Energies Marketers Association of Nigeria (MEMAN) released on Thursday, March 19, 2026, the landing cost of imported petrol is now N94.53 cheaper per litre than the gantry price offered by the Dangote Petroleum Refinery.
Breaking Down the Numbers
As of the current market cycle, MEMAN disclosed that the landing cost of imported petrol stands at N1,080.47 per litre. In contrast, the domestic gantry price—the rate at which marketers load trucks directly from the Dangote Refinery—remains fixed at N1,175 per litre. This price gap has created a strong incentive for oil marketing companies to pivot back toward international sources, despite the Federal Government’s recent push for domestic self-sufficiency.
This disparity is primarily driven by the volatility of the global crude market. While the Dangote Refinery is now supplying roughly 92% of Nigeria’s petrol needs, it operates on an "import parity" pricing model. This means the refinery’s prices are tied directly to international crude benchmarks like Brent, which has remained stubbornly above $100 per barrel due to the ongoing conflict in the Middle East. Marketers argue that some imported cargoes, potentially sourced from "rolled-over" stocks or cheaper regional blends, are arriving at Nigerian ports with lower overheads than the fresh production coming out of the Lekki Free Trade Zone.
The Impact on the Pump
Despite the cheaper landing cost of imports, the average Nigerian consumer has yet to see a reduction at the filling station. Retail pump prices across the country have largely climbed above N1,200 per litre, with some stations in the Federal Capital Territory and Lagos selling as high as N1,330. MEMAN officials explain that marketers often delay price cuts due to "cost recovery pressures," needing to sell off older, more expensive inventory before reflecting lower costs at the pump.
Vessels Arriving at Lagos Ports
In response to this pricing incentive, there has been a notable surge in maritime activity. Data from the Nigerian Ports Authority (NPA) shows that six vessels carrying approximately 120,000 metric tonnes of petrol and diesel have arrived at Lagos ports this week. This includes the vessel LAUSU, which recently discharged 20,000MT of petrol at the Tin Can Island Port.
While the Dangote Refinery has previously cut its prices to stay competitive—briefly dropping to N1,075 earlier this month—it has since been forced to raise them back to N1,175 to account for rising refining and logistics costs. As long as the Middle East crisis persists and crude prices remain high, the tug-of-war between domestic refining and imported alternatives is expected to keep Nigerian fuel prices in a state of high uncertainty.
English (US) ·