Local Petrol Prices N46 Cheaper Than Imports in Nigeria

The Major Energies Marketers Association of Nigeria (MEMAN) reported that the price of imported Premium Motor Spirit (petrol) has risen to over N45 per litre above that of locally refined petrol from Dangote Petroleum Refinery. The Dangote refinery's gantry price is N1,265 per litre, while the spot import-parity price is N1,310.64 per litre under the ASPM benchmark.

This indicates that imported petrol is N45.64 per litre more expensive than locally produced petrol. Despite a recent increase in the refinery's price from N1,165 to N1,265 per litre, it remains cheaper than the prevailing import-parity price.

The data suggests that local refining continues to provide a price advantage, even as international refined-product prices remain high. The report also highlights that the seven-day average ICE petrol price was $1,337.96 per metric tonne, and the price differential raises questions about the ongoing importation of petrol.