The spot landing cost of petrol in Nigeria has increased to N1,348.19 per litre at the ASPM jetty in Apapa, surpassing the 30-day average of N1,329.82 per litre, according to the Major Energies Marketers Association of Nigeria (MEMAN). The rise, recorded in MEMAN's Energy Bulletin dated Monday, October 12, 2026, reflects renewed concerns over global oil supply disruptions and international petroleum price movements.
MEMAN Data Shows Spot Prices Above Averages
MEMAN's latest bulletin indicated that the spot estimated import parity price at the ASPM jetty climbed above both the seven-day and 30-day averages. Specifically, the spot price was N47.25 higher than the seven-day average of N1,300.94 per litre and N18.37 above the 30-day average. At the NPSC-NOJ jetty, the spot landing cost stood at N1,347.10 per litre, also exceeding the monthly average.
The increase in landing costs comes as renewed military strikes heighten geopolitical uncertainty, raising concerns about potential disruptions to crude oil supplies. According to Petroleumprice.ng, variations in international crude prices, shipping costs, insurance premiums, and foreign exchange rates can significantly affect the cost of importing refined petroleum products into Nigeria.
Depot Prices and Dangote Refinery Rates
MEMAN's data also provided a snapshot of depot prices across the country. In Lagos, petrol ex-depot prices ranged from N1,327 to N1,350 per litre on October 12. In Calabar, prices ranged between N1,348 and N1,370 per litre, while Port Harcourt marketers offered petrol at N1,345 to N1,355 per litre. The Dangote Refinery's petrol price was listed at N1,305 per litre for coastal sales and N1,325 per litre at the gantry.
Import parity pricing, which estimates the cost of bringing petroleum products into Nigeria based on international product prices, exchange rates, freight, and other import-related expenses, serves as a benchmark for import replacement costs. However, these figures do not represent the actual pump prices motorists pay at filling stations.
Global Oil Prices and Exchange Rate Remain Key
The Energy Bulletin highlighted that Brent crude's seven-day average stood at $102.71 per barrel, while West Texas Intermediate (WTI) averaged $90.76 per barrel. Bonny Light, Nigeria's flagship crude grade, was listed at $131.30 per barrel. The report also placed the seven-day average exchange rate at N1,331.40 per dollar, underscoring the importance of currency movements to the cost of imported petroleum products.
Despite the rise in landing costs, this does not automatically translate into an immediate increase in pump prices. Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) reduced petrol prices at its Abuja filling stations to N1,370 per litre, reversing a weekend increase that had pushed prices to N1,405 per litre. A market survey conducted on Monday, October 12, showed that NNPCL outlets in Berger, Wuse Zone 6, and Wuse Zone 4 had adjusted prices downwards by N35 per litre. In Lagos, the state-owned company's stations were selling petrol at N1,360 per litre, N10 below the Abuja price.
