The landing cost of imported Premium Motor Spirit (petrol) has dropped slightly from ₦849.61 to ₦839.97 per litre, according to figures from the Major Energies Marketers Association of Nigeria (MEMAN).

Energy bulletins from MEMAN revealed that petrol landed at ₦849.61 per litre on October 13, ₦847.61 on October 14, ₦841.54 on October 20, and ₦839.97 on October 21.

Despite the decline, depot owners have yet to reduce ex-depot prices, leaving filling stations to continue selling at ₦915 and above.

The report noted that the latest landing cost is about ₦37 per litre lower than Dangote Refinery’s ex-depot price of ₦877 per litre.

Naijaonpoint recalls that Dangote recently raised its gantry price from ₦820 to ₦877 per litre without prior notice, dashing hopes that prices would fall to the ₦841 per litre earlier promised during the launch of its CNG-powered trucks.

Currently, major marketers such as Mobil sell at ₦915 per litre, while NNPC retail outlets dispense at ₦928. Dangote partners, including Heyden and MRS, maintain prices above ₦920, reflecting the impact of Dangote’s new ex-depot price.

Marketers Cry Foul

Independent marketers have long argued that imported fuel should not be cheaper than locally refined products.

Since the Dangote refinery began production in September 2024, its frequent price cuts have unsettled importers, who accused Africa’s richest man of seeking to monopolise the downstream sector.

A source at the refinery confirmed to Punch that some marketers petitioned regulators, urging them to stop Dangote from “dictating” market prices.

Similarly, the Depot and Petroleum Product Marketers Association of Nigeria (DAPPMAN) accused the refinery of triggering “price shocks” that destabilise the market.

Executive Secretary, Olufemi Adewole, said, “Portraying Dangote refinery’s repeated price cuts as patriotic overlooks their timing and market impact. They coincided with cargo arrivals, creating shocks that hurt importers and even some of Dangote’s own customers.”

He added that Nigeria’s downstream sector could not rest solely on one refinery, noting that Dangote currently supplies only 30–35% of national demand, while the rest is handled by independent marketers under regulatory oversight.

Why Prices Still Surge Despite Lower Costs

Punch noted that the recent spike in petrol prices, rising from about ₦865 to nearly ₦1,000 per litre in some locations, came as a surprise, given that crude oil prices and the naira exchange rate have both stabilised.

MEMAN data showed that the naira has strengthened from about ₦1,700/$ earlier in the year to ₦1,470/$, while Brent crude prices have fallen to around $61 per barrel, the lowest since May.

However, depot owners and the Dangote refinery raised prices around the same period, worsening consumer hardship.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed depot owners for the price hike and accused Dangote of refusing to load trucks despite payments made weeks earlier.

As a result, filling stations nationwide have adjusted their pump prices upwards, with most outlets now selling between ₦930 and ₦950 per litre.