Again, Imported Petrol Costs Drop Below Dangote Refinery Prices, Cooking Gas Also Affected
- Nigerians may see lower fuel prices as import costs drop below local refinery rates
- The price gap pressures local refineries to adjust amid falling global crude prices
- PETROAN urges stakeholders to pass on savings from lower crude prices to consumers
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerians may soon enjoy lower fuel prices as the landing cost of imported petrol has dropped significantly below the ex-gantry price offered by local refiners, including Dangote Refinery.
This marks the second time in June that imported petroleum products have become cheaper than locally refined supplies, a development driven largely by the recent decline in global crude oil prices.
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Industry analysts attribute the price drop to easing geopolitical tensions following the fragile truce between the United States and Iran.
The development has eased fears of disruptions in the Strait of Hormuz, one of the world's most important oil shipping routes, prompting crude prices to retreat.
Petrol now N133 cheaper than Dangote price
According to the latest bulletin from the Major Energy Marketers Association of Nigeria (MEMAN) released on Friday, June 19, 2026, the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, fell to N1,041.52 per litre.
This is N133.48 lower than the N1,175 per litre ex-gantry price currently quoted by Dangote Refinery, widening the gap between imported and locally refined fuel.
The report also revealed that diesel landed at N1,293.19 per litre, substantially below Dangote's N1,500 per litre price.
Aviation fuel was estimated to have landed at N1,257 per litre, while liquefied petroleum gas (LPG), popularly known as cooking gas, recorded a landing cost of N925,000 per metric tonne.
MEMAN added that the exchange rate used for the importation calculations stood at N1,362.13 to the dollar.
Pressure mounts on local refineries
The widening price gap is piling pressure on Dangote Refinery and other local refiners to adjust their prices downward in line with falling global crude prices.
Industry stakeholders argue that Nigerian consumers should benefit from the current trend, especially at a time when households and businesses continue to grapple with high living costs and inflationary pressures.
PETROAN calls for an immediate price review
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged refiners, depot owners and importers to pass the benefits of lower crude prices on to consumers.
In a statement issued by its National President, Billy Gillis-Harry and cited by Punch, the association stressed that domestic fuel prices should reflect developments in the international oil market.
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"The recent drop in global crude oil prices offers an opportunity for stakeholders in the downstream petroleum sector to pass the savings on lower crude costs to Nigerian consumers," he said.
According to PETROAN, fairness and economic realities demand that both ex-depot and retail fuel prices be adjusted downward whenever market conditions support such reductions, offering much-needed relief to millions of Nigerians.
Dangote Refinery reduces petrol price by N75
Legit.ng earlier reported that Dangote Petroleum Refinery reduced its ex-gantry petrol price to N1,175 per litre, representing a N75 reduction from N1,250 per litre, in a move widely expected by fuel marketers following recent declines in international crude oil prices.
The new price took effect at 12 am on June 16, 2026, and the refinery also directs that all outstanding unloaded gantry volumes be repriced at the updated rate effective from that date.
The refinery also reduced its coastal loading price by N100,575 per metric tonne, from N1,595,790 to N1,495,215, further reinforcing its competitive positioning in Nigeria’s downstream petroleum market.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
