The Major Energies Marketers Association of Nigeria (MEMAN) has released new data showing that imported Premium Motor Spirit (PMS), commonly called petrol, landed at N1,328 per litre, marginally lower than Dangote Refinery’s reported gantry price of N1,325 per litre. The figures emerge as the Federal Government pushes a proposed N1,350-per-litre ceiling, a move MEMAN warns could distort competition and threaten supply stability.
New Landing Cost Data Sparks Debate on Domestic Refining
According to MEMAN’s latest figures, the imported petrol landing cost recorded a slight increase of at least N3 per litre compared to previous levels. The narrow gap between imported petrol and locally refined supplies highlights the competitive pressures facing operators in Nigeria’s deregulated downstream market.
Industry observers say the latest landing cost strengthens the argument that domestic refining could help reduce Nigeria’s dependence on imported petroleum products, particularly when international prices, shipping charges, and other import-related expenses rise. However, the figures do not automatically translate into identical pump prices nationwide, as transportation, storage, distribution, and retail margins can influence what consumers ultimately pay.
Diesel and LPG Prices Show Wider Differentials
MEMAN’s data also revealed that Automotive Gas Oil (AGO), or diesel, landed at N1,880 per litre, which is N80 higher than Dangote Refinery’s reported gantry price of N1,800 per litre. This indicates a wider price difference in the diesel market compared to petrol.
Meanwhile, liquefied petroleum gas (LPG), widely used as cooking gas, was reported at N925,000 per metric tonne. These figures underscore the importance of local refining and efficient distribution in determining the cost of petroleum products, although prices can fluctuate with market conditions.
MEMAN Rejects Proposed N1,350 Ceiling
Despite the renewed focus on landing costs, MEMAN has formally opposed the Federal Government’s proposed N1,350-per-litre ceiling. The association made its position known during its third-quarter press engagement, held virtually on Thursday in partnership with S&P Global Energy.
MEMAN argued that transparent, market-driven pricing, improved logistics, and lower operating costs would provide a more sustainable solution to Nigeria’s petroleum market challenges. The association maintained that arbitrary price caps could discourage investment, create uncertainty for suppliers, and potentially affect product availability. It instead called for policies that improve supply efficiency and reduce distribution costs, allowing competition to influence prices.
FG Explores Monthly Price Modulation
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, had disclosed that the Federal Government was negotiating a N1,350-per-litre ceiling on petrol’s ex-gantry or landing cost. Under the proposed arrangement, refiners and importers would initially absorb costs above the ceiling and recover the shortfall when market conditions improved.
Oyedele described the mechanism as price modulation rather than a return to the petrol subsidy removed in May 2023 or conventional price control. The proposed arrangement would reportedly be reviewed monthly, although questions remain over how suppliers would finance the additional costs and when they would recover their losses.
For Nigerian consumers, the critical issue is whether the policy can deliver meaningful relief at filling stations without disrupting supply or discouraging investment in local refining.
Dangote and Other Marketers Announce New Rates
Legit.ng earlier reported that Dangote Petroleum Refinery has increased its listed petrol depot price in Lagos as oil marketers released new rates across major fuel depots in Nigeria. The latest depot price data, recorded at midday on Thursday, October 15, 2026, showed that Dangote's rate rose by N6 per litre from N1,342 to N1,348.
