Prices May Fall as 22 Ships Loaded with Petrol, Frozen Fish, Food Items Arrive Lagos Ports
- Nigerians are bracing up for a potential fall in the prices of petrol and food items as 22 ships berthed at Lagos ports
- The Nigerian Ports Authority (NPA) announced this in its Shipping Position, stating that the ships contained general cargo
- It disclosed that 17 other ships, containing various cargo are expected at the ports soon
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerians may soon witness a drop in the prices of petrol and food items as 22 ships loaded with petroleum products, frozen fish, and other commodities berth at Lagos ports.
The Nigerian Ports Authority (NPA) revealed this in its latest Shipping Position report, noting that the ships are currently discharging goods at Apapa, Tincan, and Lekki ports.
Source: Getty Images
What the ships are bringing in
According to the NPA, the vessels are carrying a mix of essential commodities, including petrol, bulk gas, frozen fish, bulk sugar, ethanol, buckwheat, bulk urea, and wheat.
The agency added that six additional ships have arrived and are waiting to berth with bulk wheat and general cargo, while 17 more vessels are expected between October 29 and 31, 2025, carrying petroleum products, food items, and other imports.
Potential market impact
Experts say the steady inflow of goods could help stabilize or even reduce prices of key commodities in the coming weeks, especially food and fuel.
The development, they note, reflects improving supply conditions and renewed trade activity at Nigerian ports.
Tariff tension: FG’s 15% import duty raises questions
The news comes amid rising debate over the federal government’s new 15% tariff on imported petrol and diesel.
President Bola Tinubu approved the import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) following a request by the Federal Inland Revenue Service (FIRS).
The approval, dated October 21, 2025, was conveyed by Damilotun Aderemi, the President’s private secretary.
According to ThisDay, the tariff applies to the cost, insurance, and freight (CIF) value of imported fuels.
The President also directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to develop guidelines ensuring that local refineries are prioritized before granting import permits.
Experts divided
While some analysts believe the tariff could stimulate local refining and strengthen the naira, others warn it might trigger higher fuel and goods prices, undermining potential relief from increased imports.
Source: UGC
The coming weeks, they say, will determine whether the surge in imports offsets the impact of the new duty, and whether Nigerians will truly see a price crash or another wave of inflation.
Relief for importers as CBN releases cheapest Customs rate
Legit.ng earlier reported that Nigerian importers would pay less to clear goods at Nigeria’s air and seaports following the naira’s appreciation.
Data from the Customs trade portal shows that the Central Bank of Nigeria (CBN) has lowered the foreign exchange rate for cargo clearance at Nigeria’s ports.
The apex bank fixed the Customs foreign exchange rate at N1,470.53 per dollar.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
