Petrol Landing Cost Rises to N870/Litre as Dangote Refinery Price Cuts Pressure Importers, Marketers Struggle with Losses Amid Fluctuating Market and Resumed Naira-for-Crude Deal
The average landing cost of Premium Motor Spirit (petrol) has surged to N870 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
MEMAN reports that petrol landed at N872 per litre on April 28 and N868 on April 29. This marks an increase from the April 23 average of N859, pushing the cost above the Dangote Refinery’s ex-depot price of N835 per litre—posing a challenge to petroleum importers trying to stay profitable.
As of Thursday, petrol prices varied across marketers and locations. According to petroleumprice.ng, Dangote sold petrol at N840 per litre, the same rate as Matrix (Lagos) and Rainoil. Meanwhile, other marketers like Pinnacle, Mao, Sahara, and AA Rano sold for N889. Aiteo and Aipec offered it at N838, First Fortune at N868, Sigmund at N875, Liquid Bulk and Matrix (Warri) at N870, and NIPCO Lagos at N842.
Our correspondent observed a price difference based on geography, with Lagos depots offering cheaper rates compared to depots in the South-South, where logistics costs drive up prices.
Speaking to NEWS REVIEW, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said business had slowed due to inconsistent pricing.
“Business has been very slow, with the up and down price of PMS from arbitrary changes that are not effectively managed by the market forces,” he said.
Despite the instability, Gillis-Harry noted that PETROAN remains committed to ensuring fuel availability.
“Regardless of how things are, we have to do business and keep Nigeria’s economy growing. That’s our covenant with Nigeria,” he stated.
In Ogun State, SGR filling station has dropped its petrol price to N855 per litre—below Dangote’s partners. Other Ogun marketers like MRS and Heyden are selling at N890 and N885, respectively.
Importers and PETROAN members told NEWS REVIEW that Dangote’s price cuts were hurting their margins, forcing them to sell below cost to avoid losses. They said things worsened after the temporary suspension of the naira-for-crude deal in March, which led importers to raise pump prices from N860 to N950.
Following the Federal Government’s order for the deal to resume indefinitely, Dangote slashed petrol prices again, bringing them under N900 per litre.
However, S&P Global reports that while global oil prices dropped significantly, Dangote’s gantry prices fell only marginally. Between April 1 and 9, the Eurobob M1 swap declined by 17.9%, yet Dangote’s truck price only dipped by 1.7%—from N880/litre to N865, and later to N835.
S&P concluded that this minimal price reduction spurred an influx of fuel imports into West Africa, where domestic prices remain high, encouraging marketers to turn to international traders.
Follow News Review on Facebook and X
 has surged to N870 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).){kind=link}