Petrol Import Landing Cost Drops To N983.92/Litre, Below Dangote’s N1,125

Premium Motor Spirit (PMS or Petrol) import landing cost has dropped to N983.92 per litre as st June 24, 2026, falling below Dangote Refinery’s gantry price of N1,125 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).

The figures pointed to a market where short-term import costs have softened, even as the local refinery continues to supply petrol at a higher rate than the spot landing benchmark.

MEMAN said in its Energy Bulletin for Wednesday, June 24, 2026, that the spot import parity price for petrol was N983.92 per litre via the ASPM route and N982.92 per litre via the NPSC-NOJ route. The association said the lower spot figures reflected recent movements in the international market and suggested that the immediate cost of bringing petrol into Nigeria had eased.

The bulletin showed that Dangote Refinery sold petrol at a gantry price of N1,125 per litre and a coastal price of N1,065 per litre. Compared with the spot landing cost, the refinery’s gantry price was higher by about N141.08 per litre, underscoring the current gap between local refinery pricing and short-term import parity.

MEMAN said the 30-day average import parity price for petrol stood at N1,138.20 per litre, which was slightly above Dangote’s gantry price. This means that while spot import costs were lower, the longer-term average still placed imported petrol above the refinery’s price, showing that the market remained mixed depending on the pricing window used.

The bulletin also showed that crude oil prices eased over the seven-day period ending June 24. Brent crude averaged $78.24 per barrel, while West Texas Intermediate averaged $69.90 per barrel. Nigeria’s Bonny Light crude averaged $79.64 per barrel, slightly above Brent, reflecting continued demand for the country’s high-quality sweet crude.

MEMAN said the naira averaged N1,367.26 to the dollar during the review week, based on the Central Bank of Nigeria’s weighted average rate on the Nigerian Foreign Exchange Market. The exchange rate remained a major factor in determining the final cost of imported fuel, since crude oil and refined products are priced in dollars.

For diesel, MEMAN said Dangote Refinery’s gantry price was N1,500 per litre, compared with a 30-day import parity price of N1,487.71 per litre and a spot parity of N1,213.44 per litre. The figures showed that diesel import costs were also easing on a spot basis, even though the refinery’s gantry price remained above the spot benchmark.

The bulletin said aviation turbine kerosene, or jet fuel, was priced at N1,450 per litre at the Dangote gantry, while its spot import parity stood at N1,201.23 per litre. MEMAN said jet fuel was the only product category in the bulletin that recorded an upward move in spot import parity, suggesting some pressure on short-term aviation fuel costs.

MEMAN also said liquefied petroleum gas was sold at N925,000 per metric tonne at the Dangote facility. It added that ex-depot prices varied across major distribution hubs, with Lagos petrol ranging from N1,125 to N1,130 per litre and Port Harcourt recording some of the highest diesel prices at N1,550 to N1,555 per litre.

The association said Nigeria remained the cheapest petrol market in West Africa, with pump prices of N1,208 per litre, based on the lowest prevailing prices in Lagos. It said the figure was below those of Liberia, Benin, Togo, Ghana, Cameroon, Ivory Coast, Mali, Senegal and Sierra Leone, where prices were much higher.

MEMAN said energy stocks on the Nigerian Exchange were broadly flat during the trading session, although Geregu Power fell 10 percent and Oando declined 3 percent. It said Seplat Energy remained the most highly priced energy stock, while other counters closed unchanged.

The bulletin also showed that seven-day average domestic fuel prices to June 24 were lower than the refinery’s current gantry price. Petrol averaged N1,001.76 per litre, diesel averaged N1,243.09 per litre and aviation fuel averaged N1,202.24 per litre.

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