New Petrol Prices Announced as Marketers Adjust Costs

The downstream petroleum market in Nigeria is experiencing renewed pressure as marketers unveil a new petrol landing cost. The Major Energies Marketers Association of Nigeria (MEMAN) reports that the price of imported Premium Motor Spirit (PMS) has increased by at least N3 per litre, now landing at N1,328 per litre.

This figure is slightly lower than the reported gantry price of N1,325 per litre at Dangote Refinery. The narrow price gap between imported and locally refined petrol highlights competitive pressures in Nigeria's deregulated market.

The Federal Government has proposed a ceiling price of N1,350 per litre for petrol, which adds to the scrutiny of refinery pricing. The increase in petrol prices is expected to impact households, traders, and businesses, as Nigerians are already facing high living costs and rising transportation expenses.

Additionally, MEMAN reported that Automotive Gas Oil (AGO), or diesel, landed at N1,880 per litre, which is N80 higher than Dangote Refinery's gantry price of N1,800 per litre.