MEMAN Unveils Updated Fuel Prices Across Nigeria Amid Rising Crude Costs
The Major Energies Marketers Association of Nigeria (MEMAN) has disclosed significant adjustments in ex-depot fuel prices for April 2026, affecting Premium Motor Spirit (PMS), diesel (AGO), aviation fuel (ATK), and Compressed Natural Gas (CNG). This announcement comes as global crude oil prices surge, with Brent crude trading around $108 per barrel and West Texas Intermediate near $100, driving up refined product costs internationally.
Petrol Import Costs Skyrocket in Early April
According to MEMAN's latest bulletin, Nigeria's estimated petrol import cost has escalated dramatically, climbing above N1,380 per litre at the start of April from approximately N971 per litre recorded at the end of March. The import parity for PMS is now estimated between N1,700 and N2,300 per litre, a sharp increase from previous averages. These figures incorporate various factors, including Platts benchmarks, freight charges, insurance, landing costs, and prevailing exchange rates, highlighting the complex dynamics influencing fuel pricing in the country.
Ex-Depot Price Variations Across Key Cities
The report details ex-depot price changes across major Nigerian cities, with notable variations:
- Lagos: PMS prices open at N1,218.50 per litre, compared to a range of N1,215–N1,300 per litre on March 31.
- Warri: PMS ex-depot prices are about N1,250 per litre, similar to the March 31 range of N1,215–N1,300 per litre.
- Calabar and Port Harcourt: PMS ranges from N1,235 to N1,335 per litre, consistent with March 31 levels of N1,235–N1,300 per litre.
Other fuels also saw increases, with AGO import parity rising from N1,437.31 per litre to N1,501.88 per litre, and ATK increasing from N1,536.86 per litre to N1,715.96 per litre.
Snapshot of Current Ex-Depot Prices
MEMAN provided a comprehensive breakdown of ex-depot prices for various fuels:
- Lagos PMS (Petrol): N1,218.50 – N1,300.00 per litre
- Lagos AGO (Diesel): N1,780.00 – N1,955.00 per litre
- Lagos CNG (Vehicles): N300.00 – N500.00 per standard cubic meter (scm)
- Warri PMS (Petrol): N1,250.00 – N1,300.00 per litre
- Warri AGO (Diesel): N1,800.00 – N1,850.00 per litre
- Calabar PMS (Petrol): N1,235.00 – N1,300.00 per litre
- Port Harcourt PMS (Petrol): N1,235.00 – N1,300.00 per litre
- Port Harcourt AGO (Diesel): N1,350.00 – N1,850.00 per litre
- LPG (Cooking Gas): N845.00 – N1,050.00 per kilogram
Regional Pump Price Comparisons
MEMAN's report also includes a comparative analysis of pump prices across West African countries, using data from GlobalPetrolPrices.com. Nigeria is positioned among markets with relatively lower to mid-range pricing when compared to neighboring countries such as Sierra Leone, Senegal, and Ghana. This context underscores the regional economic factors at play in fuel pricing strategies.
NNPC and Dangote Refinery Price Adjustments
In related developments, the Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol prices at its retail outlets, now selling at N1,255 per litre, down from N1,330, representing a N75 reduction. This change follows a similar move by Dangote Refinery, which lowered its petrol gantry price by N85 to N1,200 per litre from N1,285. These adjustments reflect ongoing efforts to stabilize fuel costs amidst fluctuating market conditions.
The latest price announcements from MEMAN highlight the volatile nature of Nigeria's energy market, driven by international crude oil trends and domestic economic factors. Consumers and businesses are advised to stay informed as these changes could impact transportation, manufacturing, and overall cost of living across the nation.
