Petrol Landing Cost Drops, NNPC, MRS Announce New Fuel Prices
- Latest MEMAN data revealed that petrol landing cost has dropped sharply between September 25 and September 28, 2026
- The decline came as global oil prices shifted amid developments surrounding the US-Iran situation and expectations of peace talks
- Despite the fall in landing cost, some Lagos depot prices remained above the MEMAN benchmark as of September 29
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's petrol landing cost fell by N69.45 per litre in three days, according to the latest figures from the Major Energies Marketers Association of Nigeria (MEMAN), as movements in the international oil market continued to influence the cost of imported fuel.
The lower spot landing cost fell from N1,384.82 per litre on September 25 to N1,278.37 per litre on September 28.
Source: Getty Images
The decline came as global oil markets remained volatile amid developments involving the United States and Iran.
Expectations of possible peace talks have eased some of the geopolitical premium in crude prices, although uncertainty around supply remains.
Crude prices record mixed movements
MEMAN's seven-day average Brent price edged up from $103.19 per barrel on September 25 to $103.25 on September 28.
The seven-day average WTI price declined from $93.25 to $92.79 per barrel, while Bonny Light fell from $120.92 to $120.40 per barrel.
Petrol landing costs are influenced by several factors beyond crude prices, including international PMS benchmark prices, exchange rates, freight and other costs associated with importing petroleum products.
Average PMS import cost falls
MEMAN's seven-day average PMS import-parity cost fell by N17.58 per litre, from N1,383.92 on September 25 to N1,366.34 on September 28.
The sharper movement was recorded in the lower spot assessment, which fell by N69.44 per litre during the period.
The September 28 import-parity calculation was based on a 38,000-metric-tonne PMS cargo delivered into tank at ASPM and NPSC Jetty in Apapa, Petroluemprice.ng reports.
Source: UGC
The calculation included the CBN-weighted average NAFEM exchange rate, finance charges, freight, towage, berthing and mooring, cargo dues, contingency, fire coverage and agency fees.
It also included VAT and charges payable to NPA, NIMASA and NMDPRA.
NNPCL, Dangote, MRS adjust petrol prices
The lower landing-cost benchmark comes as some major players in the downstream market have reduced petrol prices.
NNPCL lowered prices at some filling stations in Lagos to N1,370 per litre from N1,385, while selected outlets in Abuja reduced prices to N1,405 from N1,430.
The adjustments followed Dangote Petroleum Refinery's N25 cut in its petrol gantry price to N1,325 per litre from N1,350.
MRS filling stations in Abuja also reduced their pump price to N1,370 per litre from N1,395.
Depots' new petrol prices
Earlier, Legit.ng reported that Petrol and diesel prices were below current landing costs in several major markets, despite a surge in global crude oil prices.
The increase pushed Nigeria's estimated landing cost for Premium Motor Spirit (PMS) to N1,420 per litre and Automotive Gas Oil (AGO) to N1,894 per litre.
Despite this, Dangote Petroleum Refinery is selling PMS at N1,350 per litre at the gantry, which is N70 below the current landing cost, while its AGO gantry price of N1,850 per litre sits N44 below the diesel landing cost.
Source: Legit.ng
