The Major Energies Marketers Association of Nigeria (MEMAN) has claimed that a litre of imported petrol is about ₦64 cheaper than the one produced by the Dangote Petroleum Refinery.
According to Punch, Dangote refinery increased its gantry price from ₦774 to ₦874. The adjustment followed a jump in oil prices to $84 per barrel, up from below $70, days before the airstrikes involving the United States, Iran, Israel, and other countries.
Following the increment, filling stations on Tuesday raised their pump prices to as high as ₦937, depending on the location.
Before the Middle East crisis deepened over the weekend, some filling stations had already been selling petrol at prices ranging between ₦812 and ₦839, but the crisis disrupted the global fuel market, affecting Nigeria and other countries.
However, data from MEMAN indicated that Dangote’s petrol gantry price was ₦874 per litre as of Monday, while the landing cost of imported petrol was ₦809.37 per litre, resulting in a difference of about ₦64 between the two sources.
But Dangote Refinery has debunked the report, challenging importers to defy the ongoing airstrikes in the Middle East and bring in petroleum products.
Officials of Dangote Refinery told the aforementioned publication that some importers were projecting a false narrative to ensure the Federal Government continues to issue import licences.
“Anybody can go to Apapa to get the landing cost, and anybody who likes should go to Iran and import. Some people just want us to depend on imports. Isn’t it time we ended that dependence on foreign products?
“Some people want importation to continue, and that’s not normal. You keep importing what can be produced locally. Is that a good thing? How do you expect our children to survive? Nigerians will import and destroy what we have locally,” an official said.
Aside from pricing, another official said Nigeria should be thankful to the Dangote refinery for shielding the country from the fuel crisis that could have paralysed commercial activities.
“Let’s think about what could have happened to Nigeria if we didn’t have a refinery in Nigeria at this time. Assuming there is no Dangote refinery in Nigeria, economic activities would have been paralysed by now.
“Many countries are not so lucky, and they are now facing long queues at filling stations. Dangote has saved Nigeria from that fuel crisis. This has taught us that there’s nothing like one’s country, and we must always be prepared,” he said.
In its report, MEMAN explained that the downstream sector saw a major upward price adjustment on Monday, driven by the Dangote refinery raising its gantry price by ₦100, bringing it to ₦874 per litre.
The shift, triggered by rising global crude costs, pushed retail pump prices above ₦900 per litre. Many private depots reportedly paused sales briefly to recalibrate their pricing in response.
“The market is currently in a state of high uncertainty. With Brent crude climbing above $80/bbl due to escalating geopolitical tensions (specifically the US-Israel-Iran conflict), analysts warn that the cost of petrol remains under significant pressure. If crude prices continue toward the $90/bbl mark, domestic pump prices could potentially reach ₦1,100 by next month,” MEMAN said.