The landing cost of petrol in Nigeria has dropped from N981 per litre, recorded on September 25, 2024, to N945.63 per litre as of September 27, according to the Major Energies Marketers Association of Nigeria (MEMAN). This reduction comes as the naira appreciated against the US dollar.
In MEMAN’s report, the exchange rate on September 27 was N1,586.26 per dollar, compared to N1,667.22 just two days earlier. The stronger naira and a decrease in Brent crude prices—from $73.67 per barrel to $72.45—contributed to the reduction in the cost of imported petrol.
The ex-depot prices of petrol also saw marginal decreases in Lagos, Calabar, and Port Harcourt. Similarly, the landing cost of diesel dropped from N1,089 per litre to N1,068.04, while aviation fuel fell from N1,117.34 per litre to N1,079.79.
MEMAN also highlighted that the price difference between imported petrol and that sourced from the Dangote Refinery may be less than N46. The Nigerian National Petroleum Company (NNPC) claimed to have purchased petrol from Dangote at N898 per litre.
Earlier, NNPC raised petrol pump prices the same day Dangote unveiled its locally-produced petrol. According to NNPC, petrol lifted from the Dangote Refinery would be sold for over N1,000 per litre in the northern regions, reaching N1,019 in Borno and N999.22 in Abuja, Sokoto, and Kano. In the southern regions like Oyo and Rivers, the price would range around N960 per litre, with Lagos seeing the lowest price at N950.
However, despite these prices, some major marketers in Lagos were still selling petrol at N870 per litre.
In a recent media chat, NNPC’s Executive Vice President for Downstream Operations, Dapo Segun, explained that although NNPC and Dangote had reached an agreement on petrol pricing, the market remained the driving force behind final costs. Segun revealed that negotiations with Dangote Refinery officials took over a week to finalize.
“We went back and forth on pricing until we reached an agreement,” Segun said, reinforcing NNPC’s stance that it would only lift petrol from the Dangote Refinery if it offered a better deal than imported fuel.
