The landing cost of imported Premium Motor Spirit (petrol) has slightly declined to N839.97 per litre, according to new data from the Major Energies Marketers Association of Nigeria (MEMAN).
The latest figure represents a marginal reduction from N849.61 per litre recorded earlier in October. However, despite this drop, depot owners have maintained high gantry prices, with filling stations still selling petrol above N915 per litre.
MEMAN’s report revealed that Dangote Refinery’s ex-depot price remains around N877 per litre—about N37 higher than the current landing cost of imported petrol.
The refinery had earlier promised to reduce pump prices to around N841 per litre during the launch of its CNG trucks in September, raising public expectations for relief at the pump. Instead, prices have surged to between N915 and N950 per litre in most states.
Industry observers say the increase contradicts recent trends in crude oil and exchange rates, both of which have stabilized. Crude prices have fallen to about $61 per barrel, while the naira now trades around N1,470 per dollar—down from N1,700 earlier in the year.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed depot owners for the latest price hikes, accusing some of hoarding and others of supply delays from the Dangote refinery.
DAPPMAN’s Executive Secretary, Olufemi Adewole, however, described Dangote’s frequent price cuts as strategic and destabilizing to market equilibrium.
He stated that while Dangote’s refinery contributes 30–35 per cent of national supply, other marketers still play a vital role in ensuring nationwide fuel distribution under regulatory oversight.
As Nigerians continue to face rising fuel costs, experts call for stronger market regulation to prevent anti-competitive pricing and ensure fair access to petroleum products.
 has slightly declined to N839.97 per litre, according to new data from the Major Energies Marketers Association of Nigeria (MEMAN).){kind=link}