The estimated cost of importing petrol into Nigeria has climbed significantly above Dangote Petroleum Refinery's ex-depot price, highlighting the growing cost advantage of locally refined fuel.
The latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria (MEMAN) showed that the estimated import parity price of Premium Motor Spirit (PMS), also known as petrol, stood at N1,365.19 per litre as of Monday, August 3.
Imported Petrol Remains More Expensive
The figure is N170.19 per litre higher than Dangote Refinery's current gantry price of N1,195 per litre, indicating that imported petrol remains substantially more expensive than locally refined supplies.
MEMAN's import parity estimate represents the projected cost of importing petrol into Nigeria after accounting for international product prices, freight, financing, foreign exchange, regulatory charges and other logistics expenses.
The latest figure is also well above the 30-day average import parity price of N1,124.65 per litre, reflecting higher international fuel prices and the impact of exchange rate movements.
Global Crude Prices on the Rise
The bulletin showed that Brent crude averaged $88.98 per barrel over the last seven days, while West Texas Intermediate (WTI) averaged $84.37 per barrel. Nigeria's Bonny Light crude traded even higher at $94.52 per barrel.
These elevated global prices directly feed into the landing cost of imported petrol, making it less competitive against domestically refined product.
Dangote Refinery Maintains Price Advantage
Despite rising global oil prices, Dangote Refinery has maintained its petrol ex-depot price at N1,195 per litre, making locally refined fuel significantly cheaper than imported supplies.
Analysts say the wide price gap is expected to reduce the incentive for marketers to import petrol while strengthening Dangote Refinery's position in Nigeria's downstream petroleum market.
Depot Petrol Prices Across Nigeria
MEMAN's bulletin also showed the latest ex-depot petrol prices across key fuel distribution hubs:
- Lagos: N1,233 – N1,240 per litre
- Warri: N1,215 – N1,258 per litre
- Port Harcourt: N1,200 – N1,225 per litre
- Calabar: N1,217 – N1,218 per litre
For diesel (AGO), depot prices ranged as follows:
- Lagos: N1,650 – N1,700 per litre
- Warri: N1,620 – N1,845 per litre
- Port Harcourt: N1,570 – N1,700 per litre
Diesel and Aviation Fuel Costs Also Up
MEMAN estimated the import parity price of diesel at N1,674.20 per litre, while aviation fuel (ATK) was estimated at N1,600.37 per litre, both above their respective 30-day averages, underscoring continued pressure from global energy markets.
NNPC's New Fuel Price
Earlier, Legit.ng reported that the Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its filling stations in Lagos and Abuja.
NNPC outlets in Lagos are now selling petrol at below N1,300 per litre in Lagos.
In the Federal Capital Territory (FCT), Abuja, the state-owned oil company also reduced the pump price by N15 per litre, with petrol now selling at N1,335, compared to N1,350 previously.
