Nigeria's petrol landing cost dropped by N69.45 per litre between September 25 and September 28, 2026, according to the latest data from the Major Energies Marketers Association of Nigeria (MEMAN). The lower spot landing cost fell from N1,384.82 per litre on September 25 to N1,278.37 per litre on September 28, reflecting shifts in the international oil market.
The decline came as global oil prices remained volatile amid developments involving the United States and Iran. Expectations of possible peace talks have eased some of the geopolitical premium in crude prices, although uncertainty around supply remains. This movement directly influenced the cost of imported fuel in Nigeria, a key factor for downstream pricing.
Crude Oil Prices Show Mixed Movements
MEMAN's seven-day average Brent price edged up from $103.19 per barrel on September 25 to $103.25 on September 28. In contrast, the seven-day average WTI price declined from $93.25 to $92.79 per barrel, while Bonny Light fell from $120.92 to $120.40 per barrel. These mixed movements reflect the ongoing geopolitical tensions and supply concerns in the global market.
Petrol landing costs are influenced by several factors beyond crude prices, including international PMS benchmark prices, exchange rates, freight, and other costs associated with importing petroleum products. The interplay of these variables determines the final cost of fuel at the pump.
Average PMS Import Cost Falls
MEMAN's seven-day average PMS import-parity cost fell by N17.58 per litre, from N1,383.92 on September 25 to N1,366.34 on September 28. The sharper movement was recorded in the lower spot assessment, which fell by N69.44 per litre during the period. The September 28 import-parity calculation was based on a 38,000-metric-tonne PMS cargo delivered into tank at ASPM and NPSC Jetty in Apapa, Petroleumprice.ng reports.
The calculation included the CBN-weighted average NAFEM exchange rate, finance charges, freight, towage, berthing and mooring, cargo dues, contingency, fire coverage, and agency fees. It also included VAT and charges payable to NPA, NIMASA, and NMDPRA, providing a comprehensive view of the import cost structure.
NNPCL, Dangote, MRS Adjust Petrol Prices
The lower landing-cost benchmark comes as some major players in the downstream market have reduced petrol prices. NNPCL lowered prices at some filling stations in Lagos to N1,370 per litre from N1,385, while selected outlets in Abuja reduced prices to N1,405 from N1,430. These adjustments follow Dangote Petroleum Refinery's N25 cut in its petrol gantry price to N1,325 per litre from N1,350.
MRS filling stations in Abuja also reduced their pump price to N1,370 per litre from N1,395. These reductions reflect the improved landing cost and competitive pressures in the market, offering some relief to consumers.
Depots' New Petrol Prices
Earlier, Legit.ng reported that petrol and diesel prices were below current landing costs in several major markets, despite a surge in global crude oil prices. The increase pushed Nigeria's estimated landing cost for Premium Motor Spirit (PMS) to N1,420 per litre and Automotive Gas Oil (AGO) to N1,894 per litre.
Despite this, Dangote Petroleum Refinery is selling PMS at N1,350 per litre at the gantry, which is N70 below the current landing cost, while its AGO gantry price of N1,850 per litre sits N44 below the diesel landing cost. These price adjustments indicate a shift in the downstream market, with major players aligning their prices with the new cost realities.
