Nigeria Petrol Landing Cost Rises as Crude Oil Climbs Above $100
- MEMAN reported that the landing cost of petrol climbed to N1,314.67 per litre, while diesel reached N1,850.66
- Petrol is still selling below the MEMAN landing cost at major depots, with Dangote Refinery pricing PMS at N1,265.50
- Rising crude oil prices and shipping costs are raising fears of fresh pressure on fuel prices in Nigeria
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's petrol landing cost has climbed to N1,314.67 per litre, according to fresh data from the Major Energies Marketers Association of Nigeria (MEMAN), as international crude oil prices push towards the $100 per barrel mark amid renewed tensions between the United States and Iran.
MEMAN's latest figures also show that the landing cost of diesel, known officially as Automotive Gas Oil (AGO), has risen to N1,850.66 per litre, reflecting the broader impact of higher global energy costs on Nigeria's downstream market.
Source: Getty Images
Petrol Selling Below Landing Cost
Despite the jump in landing cost, petrol is currently trading below the MEMAN benchmark at major depots across the country.
Market data from Petroleumprice.ng on Thursday showed Integrated, Ascon, and Sahara depots all selling petrol at N1,280 per litre, while Dangote Refinery priced its Premium Motor Spirit (PMS) at N1,265.50 per litre.
That puts the MEMAN landing cost N34.67 above the average depot price in Lagos and N49.17 above Dangote Refinery's current pump price.
The gap signals growing pressure on marketers and refiners, who risk rising replacement costs if crude oil prices hold at current levels.
Diesel Market Already Feeling the Heat
The effect of elevated international energy costs is more immediate in the diesel segment.
Dangote Refinery raised its AGO price by N100 per litre to N1,850 on Wednesday, a move mirrored by African Terminal, Integrated, and Duport depots, all of which were also selling diesel at around N1,850 per litre.
Global oil markets have been responding to geopolitical tensions and concerns about possible disruptions around the Strait of Hormuz, a critical corridor for the world's oil supply.
Brent crude has moved into the $95 to $100 per barrel range, and analysts warn that freight and insurance costs could push import prices even higher if the situation persists.
Source: Twitter
Dangote Refinery Monitors Next Move
Market watchers are keeping a close eye on Dangote Refinery as expectations grow of a possible petrol price review.
A source familiar with the refinery's operations told Petroleumprice.ng that the company is reluctant to make frequent price adjustments and is studying market conditions carefully.
Petrol imports continue
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that Nigeria's import bill for petrol decreased significantly by N87.401 billion in the first quarter of 2026.
Data obtained from the bureau's report titled "Foreign Trade Statistics Q1 2026" showed that the total value for petrol imports fell from N2.271 trillion to N87.401 billion, showing a 96.2% decrease when compared to the same period in 2025.
Higher crude oil prices and Strait of Hormuz disruptions threaten to increase fuel costs.
Source: Legit.ng
