Nigeria's Petrol Landing Cost Surges Amid Oil Price Rise

According to the Major Energies Marketers Association of Nigeria (MEMAN), Nigeria's petrol landing cost has increased to N1,314.67 per litre as international crude oil prices approach $100 per barrel amid geopolitical tensions involving Iran. The landing cost for diesel, officially known as Automotive Gas Oil (AGO), has risen to N1,850.66 per litre.

Despite this increase, petrol is trading below the MEMAN benchmark at major depots, with prices around N1,265.50 to N1,280 per litre. The gap between the MEMAN landing cost and depot prices indicates pressure on marketers and refiners due to rising replacement costs.

Additionally, Dangote Refinery raised its AGO price by N100 per litre to N1,850, a trend mirrored by other depots. Market analysts are concerned that ongoing geopolitical tensions could further escalate fuel costs, while the National Bureau of Statistics (NBS) reported a significant decrease in Nigeria's petrol import bill in the first quarter of 2026.