Petrol Landing Cost Increase By ₦88 In One Week, Marketers Warn Of Rising Prices

The landing cost of a litre of imported petrol has increased by ₦88 in just one week, as confirmed by data obtained from the Major Energies Marketers Association of Nigeria (MOMAN) on Wednesday.

According to the daily energy bulletin released by the association, the cost surged from ₦797 per litre last week to ₦885 per litre this week.

Channels TV noted that MOMAN stated that the increase is a result of the inevitable price fluctuations in a deregulated market.

The new landing cost is now ₦25 higher than the ₦860 that end-user customers pay for Dangote petrol from MRS and other partners.

Meanwhile, the Dangote refinery’s ex-depot petrol price remains lower at ₦815 per litre, which is ₦70 less than the new landing cost.

In recent weeks, the pump price of petrol had fallen to an average of ₦860 per litre from around ₦1,000 in January.

Naijaonpoint understands that this decrease came as a result of price cuts by the Dangote refinery, which reduced the landing cost from about ₦927 to below Dangote’s ex-depot price. This move caused marketers to sell petrol at a loss, as they were forced to sell below their cost price.

However, with the recent rise in landing costs and the ongoing dispute between the Dangote refinery and the Nigerian National Petroleum Company Limited (NNPC) over the naira-for-crude deal, a rise in petrol prices is anticipated in the coming weeks.

In a related development, the Dangote Group announced the temporary suspension of petrol sales in naira last week.

The group explained that this decision was necessary to avoid a mismatch between sales proceeds and crude oil procurement obligations, which are currently denominated in US dollars.

The halt in naira fuel sales has already led to a surge in the cost of loading petrol at private depots in Lagos, which increased from ₦850 per litre to about ₦900 per litre immediately following the announcement.

According to the Nigerian Port Authority (NPA), between March 17 and March 23, 2025, seven vessels carrying 115,000 metric tonnes (154.22 million litres) of Premium Motor Spirit (PMS) were expected to berth at various seaports across the country.

These vessels were set to bring in products through the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State to help improve fuel supply nationwide.

The NPA document also revealed that the Dangote Refinery imported 654,766 metric tonnes of crude oil during the same period.

The Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA), Olufemi Adewole, expressed concerns over the naira-for-crude oil transaction framework, stating that it presents significant risks to Nigeria’s foreign exchange stability.

Adewole noted that crude oil transactions are traditionally carried out in US dollars due to its global stability and acceptance.

He warned that using the volatile naira for crude oil transactions could potentially deter foreign direct investment and harm Nigeria’s economic stability.