Petrol Landing Cost Hits ₦1,311 as Lagos Depots Withhold Sales Amid Price Fears
- Petrol landing costs hit ₦1,311 per litre, prompting Lagos depot owners to withhold sales amid rising replacement costs
- International crude prices nearing $105 per barrel are intensifying pressure on Nigeria’s imported petrol supply chain
- Motorists may face higher pump prices if elevated landing costs persist, though an immediate increase remains unconfirmed
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol landing cost has risen to ₦1,311 per litre, prompting depot owners across major Lagos loading hubs to withhold sales as rising replacement costs raise concerns about another increase in petrol prices.
The development comes as international crude prices approach $105 per barrel, putting additional pressure on the cost of importing Premium Motor Spirit (PMS) into Nigeria.
Source: Getty Images
Lagos depots suspend petrol sales
Several depot operators in Coconut, Satellite Town and Dockyard reportedly stopped selling petrol on Thursday, according to PetroleumPrice.ng.
The decision reflects growing concerns over the cost of replacing existing stocks. Depot owners are reluctant to release products at prevailing prices when replenishing their inventories could cost substantially more.
For businesses operating on thin margins, selling petrol today and purchasing fresh supplies at a higher price could expose them to losses. Holding stocks allows operators to reassess their selling prices in line with changing market conditions.
The reported stoppage has created uncertainty across major Lagos depot hubs, with suppliers monitoring the direction of landing costs and international crude prices before resuming normal transactions.
Why the ₦1,311 landing cost matters
Landing cost represents the expense of bringing imported petrol into Nigeria, including the cost of the product and associated importation expenses. It is a key consideration in the downstream petroleum market because changes in the cost of replacement supplies can influence supplier prices.
The latest figure of ₦1,311 per litre has therefore become an important reference point for depot owners evaluating their inventory and future purchases, according to a report by PetroleumPriceNG.
However, the reported withholding of sales does not necessarily mean petrol has run out across Lagos. Rather, it points to a commercial response to rapidly changing cost expectations.
The immediate concern is whether depot owners can continue selling at existing prices without compromising their ability to replenish stocks.
Crude oil surge adds to pressure
The development coincides with a sharp increase in international crude prices, with Brent crude moving towards $105 per barrel amid renewed U.S.-Iran hostilities and concerns over oil shipping and supply from the Middle East.
Higher crude prices can raise the cost of petroleum products imported into Nigeria, increasing the replacement cost faced by downstream operators.
For a country that relies heavily on imported petroleum products, sustained increases in international oil prices can place pressure on the domestic fuel market.
If crude prices remain elevated and petrol landing costs continue to rise, suppliers could seek higher selling prices when depot transactions resume.
What motorists should expect
The current situation does not automatically confirm an immediate increase in pump prices. The direction of retail prices will depend on landing costs, available supplies, supplier pricing decisions and developments in the international oil market.
Source: Getty Images
Nevertheless, the reported sales stoppage highlights the pressure facing Lagos depot owners as they balance existing inventory against the rising cost of replacement supplies.
A sustained increase in landing costs could eventually translate into higher petrol prices for motorists, although the timing and extent of any adjustment remain uncertain.
For now, depot operators are reassessing their stocks and waiting for a clearer market benchmark before committing to further sales.
Goldman Sachs new oil prices
Legit.ng earlier reported that petrol prices have risen further across parts of Lagos, with the product selling for as much as N1,310 per litre at some independent filling stations, up from N1,290 on Friday.
Findings across retail outlets operated by independent marketers showed that several stations adjusted their pump prices on Monday, September 7, 2026.
Source: Legit.ng
