Imported Petrol Price Falls Below Dangote Refinery's Rate
The cost of importing Premium Motor Spirit (PMS), commonly known as petrol, has dropped sharply, raising expectations of lower pump prices across Nigeria as global crude oil prices continue to decline. Industry data shows that the landing cost of imported petrol has fallen below the price of fuel supplied by the Dangote Refinery, highlighting the impact of easing international oil prices on the downstream petroleum market.
According to the Major Energy Marketers Association of Nigeria (MEMAN), the landing cost of imported petrol has dropped to about N1,075 per litre, making it around N60 cheaper than the current ex-depot price of petrol from the Dangote Refinery. The refinery had only recently reduced its petrol price by N50 per litre, citing changes in global market conditions and declining crude oil prices.
Falling Crude Prices Drive Lower Fuel Costs
Global oil benchmarks have continued their downward trend after recent geopolitical tensions subsided. According to data from Oilprice.com, as of Friday, July 3, 2026, Brent crude traded slightly above $71 per barrel, while West Texas Intermediate (WTI) fell to $68.60 per barrel, its lowest level since March. Mirban crude also dropped to $66.29 per barrel.
The decline has significantly reduced the cost of producing and importing refined petroleum products, prompting marketers to adjust their pricing. Industry experts say the sustained drop in crude prices is helping to lower freight, insurance, and refining costs, making imported fuel increasingly competitive.
Diesel and Aviation Fuel Also Record Sharp Declines
The reduction is not limited to petrol. MEMAN's latest weekly pricing bulletin shows that the landing cost of diesel has dropped to N1,224.60 per litre, compared with the average depot price of about N1,450 per litre. Similarly, aviation fuel now has a landing cost of approximately N1,221 per litre, significantly below the average depot price of N1,400 per litre. The lower import costs reflect the broader decline in international energy prices and improving supply conditions in the global oil market.
More Price Cuts Expected
Energy analysts believe motorists could see additional relief if crude oil prices continue their current downward trajectory. According to industry experts, petrol prices could fall below N1,000 per litre in the coming weeks should global crude prices remain stable or decline further. With both imported and locally refined products becoming cheaper, Nigerians are expected to closely watch how marketers adjust pump prices nationwide in response to the changing market dynamics.
Legit.ng earlier reported that petrol prices across Nigeria have remained stubbornly high despite a significant decline in global crude oil prices, raising concerns among consumers who expected lower fuel costs following easing tensions in the Middle East. Data from Oilprice.com showed that crude oil prices dropped from $76.75 per barrel on Tuesday to $73.50 per barrel on Wednesday, June 23, 2026, marking their lowest level since the United States-Iran conflict began earlier this year. The decline has continued since both countries reached a peace agreement, reducing fears of disruptions to global oil supplies.
