Oil marketers have disclosed that the landing cost of Premium Motor Spirit (PMS) as of Friday stood at N922.65 per litre, reflecting a reduction of N32.35 compared to the N955 per litre offered at the Dangote Refinery loading gantry.

This reduced cost, attributed to changes in shipping fees, import duties, and exchange rates, has sparked renewed interest in fuel importation as marketers seek more competitive pricing. A prominent marketer, speaking anonymously, noted that “lower costs are always an incentive for dealers,” suggesting marketers may shift back to importing refined products.

Last week, the Dangote Refinery increased its ex-depot price of petrol from N899.50 per litre due to rising crude oil costs. However, the recent drop in the landing cost of imported fuel indicates relief from global market fluctuations and supply chain pressures.

Despite the reduction, retail petrol prices in Nigeria remain high, with major marketers in the Federal Capital Territory selling PMS at N990 to N1,010 per litre.

According to the Major Oil Marketers Association of Nigeria (MOMAN), the estimated import parity cost as of Friday was N922.65 per litre, down by N21 (2.2%) from N943.75 on Thursday. However, the 30-day average cost rose to N939.52 per litre, reflecting ongoing volatility in the oil market.
Price adjustments were also observed across depots:

Price adjustments were also observed across depots:

Nipco: Reduced from N970 to N965 per litre.

Aiteo and Sahara: Closed at N960 per litre after a N20 reduction.

Bulk Strategic Depot (Port Harcourt): Dropped from N1,005 to N981 per litre.

Depots in Delta and Calabar maintained a price range of N972 to N990 per litre, signaling a mixed trend in pricing strategies across locations.
Between Tuesday, January 21, and Wednesday, January 22, oil marketers imported 57,301 metric tonnes of petrol, equivalent to approximately 76.84 million litres, according to data from the Nigerian Ports Authority. Two vessels berthed at Apapa and Tincan ports in Lagos, handled by Tera Shipping Limited and Peak Shipping Agency Nigeria Limited.

This development comes amid controversy surrounding an alleged non-importation agreement designed to support the Dangote Refinery. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, expressed surprise, stating that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had agreed to suspend fuel importation for 180 days to allow the Dangote Refinery to prove its production capacity.

However, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, clarified that the arrangement was a “mutual understanding” rather than a binding agreement. He explained, “NMDPRA is expected to issue licenses to anyone who can import at a cheaper rate, as marketers are prioritizing cost efficiency.”