Sh*ck Revelation: Imported Petrol Now Costs Less Than Dangote Refinery’s Price
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Oil marketers have disclosed that the landing cost of Premium Motor Spirit (PMS), also known as petrol, dropped to ₦922.65 per litre as of Friday, representing a ₦32.35 decrease from the ₦955 per litre charged at the Dangote Petroleum Refinery’s loading gantry.
This drop, driven by declining global crude oil prices and adjusted exchange rates, may encourage marketers to resume petrol imports.
“The lower cost of imported petrol is an incentive for dealers, and you can’t fault marketers who choose to import,” a major marketer told Punch anonymously, citing a lack of authorization to comment publicly.
Despite the reduced landing cost, retail petrol prices remain high, with major marketers in the Federal Capital Territory selling petrol at ₦990 to ₦1,010 per litre.
According to a report from the Major Energies Marketers Association of Nigeria (MOMAN), the average import parity price was ₦922.65 per litre on Friday, a 2.2% decrease from ₦943.75 per litre on Thursday. However, the 30-day average cost rose to ₦939.52 per litre, highlighting ongoing challenges in the downstream oil sector.
Further investigations revealed slight reductions in depot prices nationwide. Key players like Nipco, Aiteo, and Sahara cut prices by ₦10 to ₦20 per litre. In Port Harcourt, Bulk Strategic Depot reduced its price by ₦24, closing at ₦981 per litre. Meanwhile, depots in Delta and Calabar maintained prices between ₦972 and ₦990 per litre.
Fresh Imports Raise Questions Amid Dangote Refinery’s Operations
New findings show that oil marketers imported 57,301 metric tonnes of petrol between Tuesday, January 21, and Wednesday, January 22, 2025, equivalent to approximately 76.84 million litres delivered via vessels at Apapa and Tincan ports in Lagos.
The resumption of imports has drawn criticism from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). Its National President, Billy Gillis-Harry, remarked, “I am surprised by this development. Stakeholders had agreed to suspend imports for 180 days to give the Dangote Refinery an opportunity to demonstrate its production capacity.”
Import Ban Not Binding – IPMAN
In contrast, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, clarified that the import suspension was a mutual understanding rather than a legally binding agreement.
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