By Queen Madaki
The landing cost of imported Premium Motor Spirit (PMS), commonly known as petrol, has dropped to N983.92 per litre, falling below the current gantry price of N1,125 per litre offered by Dangote Refinery, according to the latest data released by the Major Energies Marketers Association of Nigeria (MEMAN).
The latest figures indicate that while short-term import costs have declined, locally refined petrol from Dangote Refinery is currently selling at a premium to the spot import benchmark. The Bureau Journal reports that the development reflects changing global oil market conditions and softer international fuel prices.
MEMAN Reports Lower Petrol Landing Cost
In its Energy Bulletin for Wednesday, June 24, 2026, MEMAN disclosed that the spot import parity price for petrol stood at N983.92 per litre via the ASPM route and N982.92 per litre through the NPSC-NOJ route.
The association explained that the lower import parity reflects recent movements in international petroleum markets, making imported petrol temporarily cheaper than locally refined supplies.
By comparison, Dangote Refinery’s gantry price of N1,125 per litre is approximately N141.08 per litre higher than the current spot landing cost, while its coastal price stands at N1,065 per litre.
30-Day Average Still Favours Local Refining
Despite the lower spot import cost, MEMAN noted that the 30-day average import parity price for petrol remained at N1,138.20 per litre, slightly above Dangote Refinery’s gantry price.
This suggests that although short-term import costs have softened, longer-term pricing trends continue to support the competitiveness of locally refined fuel.
Crude Oil Prices Ease
The report also showed a decline in international crude oil prices during the seven-day period ending June 24.
- Brent Crude averaged $78.24 per barrel.
- West Texas Intermediate (WTI) averaged $69.90 per barrel.
- Bonny Light averaged $79.64 per barrel, remaining slightly above Brent due to sustained demand for Nigeria’s premium crude grade.
MEMAN added that the naira averaged N1,367.26/$1 on the Nigerian Foreign Exchange Market during the review period, with exchange rate movements continuing to play a significant role in determining the final cost of imported petroleum products.
Diesel and Jet Fuel Prices
For Automotive Gas Oil (diesel), Dangote Refinery maintained a gantry price of N1,500 per litre.
However, MEMAN reported that the 30-day import parity stood at N1,487.71 per litre, while the spot import parity dropped significantly to N1,213.44 per litre, indicating easing international diesel prices.
Aviation Turbine Kerosene (Jet A1) was priced at N1,450 per litre at the refinery, compared to a spot import parity of N1,201.23 per litre.
Unlike petrol and diesel, MEMAN noted that jet fuel was the only major product to record an increase in its spot import parity during the review period.
LPG and Depot Prices
The bulletin showed that liquefied petroleum gas (LPG) was sold at N925,000 per metric tonne at Dangote Refinery.
Ex-depot petrol prices in Lagos ranged between N1,125 and N1,130 per litre, while Port Harcourt recorded some of the country’s highest diesel prices, ranging from N1,550 to N1,555 per litre.
Nigeria Remains West Africa’s Cheapest Petrol Market
MEMAN stated that Nigeria continued to maintain the lowest petrol prices in West Africa, with pump prices averaging N1,208 per litre based on prevailing prices in Lagos.
The association said Nigerian petrol remained cheaper than prices recorded in Liberia, Benin, Togo, Ghana, Cameroon, Côte d’Ivoire, Mali, Senegal and Sierra Leone.
Energy Stocks and Domestic Fuel Prices
The report also showed that energy stocks on the Nigerian Exchange closed largely unchanged during the trading session, although Geregu Power declined by 10 per cent while Oando lost 3 per cent. Seplat Energy remained the highest-priced stock within the energy sector.
Meanwhile, the seven-day average domestic fuel prices to June 24 stood below Dangote Refinery’s current gantry prices. Petrol averaged N1,001.76 per litre, diesel averaged N1,243.09 per litre, while aviation fuel averaged N1,202.24 per litre.
As Nigeria News Today continues to monitor developments in the downstream petroleum sector, The Bureau Journal notes that fuel pricing remains closely tied to global crude oil movements, exchange rate fluctuations and domestic supply dynamics.
The Bureau Journal will continue to track changes in landing costs, refinery pricing and market competition as Nigeria’s deregulated fuel market evolves.
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