Imported Petrol Prices Exceed Dangote Refinery Costs

As of July 29, the landed cost of imported Premium Motor Spirit (petrol) in Nigeria reached N1,223.32 per litre, exceeding the gantry price of N1,215 per litre set by Dangote Petroleum Refinery. This situation has intensified calls from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to cease petrol imports and prioritize local refining, asserting that domestic refineries can meet national fuel demand.

IPMAN National Publicity Secretary Chinedu Ukadike stated that continued imports are unjustifiable given the sufficient local production capacity, which adds pressure on foreign exchange and undermines investments in domestic refining. The Major Energies Marketers Association of Nigeria's latest bulletin also indicated that the naira averaged N1,367.03/$ during the review period, with Brent crude averaging $90 per barrel.

The bulletin showed that Dangote's coastal price for petrol was N1,195 per litre, while the price of diesel and aviation fuel also saw significant increases.