Marketers Unveil New Petrol Landing Cost, Dangote, Others Revise PMS Prices Nationwide
- Imported petrol landed at N1,328 per litre, close to Dangote Refinery’s reported N1,325 gantry price
- MEMAN opposes the proposed N1,350 petrol ceiling, warning it could distort competition and threaten supply
- The Federal Government says its monthly price-modulation plan is not a return to petrol subsidy or price control
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s downstream petroleum market is facing fresh pressure as marketers unveil new petrol landing costs, while Dangote Refinery’s pricing comes under renewed scrutiny amid the Federal Government’s proposed N1,350-per-litre ceiling.
Latest data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that imported Premium Motor Spirit (PMS), also known as petrol, recorded a slight increase of at least N3 per litre, intensifying the debate over competition, supply costs and government intervention.
Source: Getty Images
The development comes as Nigerians grapple with high living costs and rising transportation expenses, with any movement in petrol prices likely to affect households, traders and businesses nationwide.
New petrol landing cost emerges
According to MEMAN’s latest figures, imported petrol landed at N1,328 per litre, slightly lower than the reported gantry price of N1,325 per litre at Dangote Refinery.
The figures suggest a narrow price gap between imported petrol and locally refined supplies, highlighting the competitive pressures facing operators in Nigeria’s deregulated downstream market.
Industry observers say the latest landing cost strengthens the argument that domestic refining could help reduce the country’s dependence on imported petroleum products, particularly when international prices, shipping charges and other import-related expenses rise.
However, the figures do not automatically translate into identical pump prices nationwide, as transportation, storage, distribution and retail margins can influence what consumers ultimately pay.
Diesel costs remain above Dangote’s price
MEMAN’s data also showed that Automotive Gas Oil (AGO), commonly called diesel, landed at N1,880 per litre.
This was N80 higher than Dangote Refinery’s reported gantry price of N1,800 per litre, indicating a wider price difference in the diesel market.
Meanwhile, liquefied petroleum gas (LPG), widely used as cooking gas, was reported at N925,000 per metric tonne.
The figures underscore the importance of local refining and efficient distribution in determining the cost of petroleum products, although prices can fluctuate with market conditions.
Marketers oppose proposed N1,350 ceiling
Despite the renewed focus on landing costs, MEMAN has opposed the Federal Government’s proposed N1,350-per-litre ceiling, warning that government-imposed limits could distort competition without addressing the underlying problems in the supply chain.
The association made its position known during its third-quarter press engagement, held virtually on Thursday in partnership with S&P Global Energy.
MEMAN argued that transparent, market-driven pricing, improved logistics and lower operating costs would provide a more sustainable solution to Nigeria’s petroleum market challenges.
The association maintained that arbitrary price caps could discourage investment, create uncertainty for suppliers and potentially affect product availability.
It instead called for policies that improve supply efficiency and reduce distribution costs, allowing competition to influence prices.
Source: UGC
FG explores petrol price modulation
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, had disclosed that the Federal Government was negotiating a N1,350-per-litre ceiling on petrol’s ex-gantry or landing cost.
Under the proposed arrangement, refiners and importers would initially absorb costs above the ceiling and recover the shortfall when market conditions improved.
Oyedele described the mechanism as price modulation rather than a return to the petrol subsidy removed in May 2023 or conventional price control.
The proposed arrangement would reportedly be reviewed monthly, although questions remain over how suppliers would finance the additional costs and when they would recover their losses.
For Nigerian consumers, the critical issue is whether the policy can deliver meaningful relief at filling stations without disrupting supply or discouraging investment in local refining.
Dangote, other marketers announce new rates
Legit.ng earlier reported that Dangote Petroleum Refinery has increased its listed petrol depot price in Lagos as oil marketers released new rates across major fuel depots in Nigeria.
The latest depot price data, recorded at midday on Thursday, October 15, 2026, showed that Dangote's rate rose by N6 per litre from N1,342 to N1,348.
Source: Legit.ng
