The landing cost of petrol in Nigeria has surged to an average of ₦870 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN). On April 28, the cost was ₦872 and by April 29, it slightly dropped to ₦868. This increase places it above the ₦835 per litre ex-depot price offered by Dangote Petroleum Refinery.
The price gap is causing concern among fuel importers and marketers, many of whom are finding it difficult to sell at profitable margins. While Dangote and some Lagos-based marketers like Matrix and Rainoil sold petrol at ₦840 per litre, other suppliers such as Pinnacle and Sahara priced it as high as ₦889. Prices are generally higher in South-South depots due to transport costs.
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), said business is slowing down because of inconsistent fuel pricing. He noted that despite these challenges, members are committed to maintaining energy access for Nigerians.
Meanwhile, SGR filling stations in Ogun State have lowered their pump price to ₦855, undercutting Dangote’s partners. In contrast, other stations like MRS and Heyden sell at ₦890 and ₦885, respectively.
Earlier this year, Dangote reduced petrol prices after the Federal Government resumed a crude-for-naira exchange deal. However, international fuel imports have increased, with traders citing Dangote’s relatively high gantry prices as a reason. A report by S&P Global noted that while global oil prices dropped significantly in early April, Dangote’s pump prices saw only a small reduction, encouraging more fuel imports into Nigeria.