…as landing cost of imported petrol falls to N728.88 per litre
Lagos, Nigeria – The iNews Times, reports that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen below the gantry price of the product from the Dangote Petroleum Refinery following a recent upward review of prices by the Lekki-based facility.
Data obtained from the Major Energies Marketers Association of Nigeria indicate that the landing cost of imported petrol stood at N728.88 per litre as of last week.
However, on Monday night, the 650,000 barrels-per-day Dangote Petroleum Refinery announced an increase in its petrol gantry price from N699 to N799 per litre, placing it about N70 higher than the current landing cost of imported PMS.
Following the price adjustment, the refinery disclosed that petrol would now sell at N839 per litre at MRS filling stations. Checks by The iNews Times on Tuesday confirmed that MRS outlets had adjusted pump prices from N739 per litre on Monday to N839, in line with the refinery’s announcement.
In a statement issued Monday night, the refinery explained that the price adjustment was a modest realignment following the end of the festive period, during which it implemented temporary price support measures to cushion Nigerians amid increased household spending.
The company said the earlier price reduction was sustained at considerable cost in the national interest and aimed at promoting affordability and market stability during the festive season.
According to the statement, this marked the second consecutive festive period in which the refinery absorbed significant costs, including logistics support in 2024 and a price reduction in 2025, to ease pressure on consumers.
“Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the intervention. With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability,” the statement said.
Under the new pricing structure, the refinery confirmed that PMS gantry price stands at N799 per litre, while MRS retail outlets are selling at N839 per litre nationwide.
The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, stated that the facility continues to supply approximately 50 million litres of PMS daily to the domestic market, with nationwide evacuation and distribution operating normally.
Bird noted that the refinery’s flexible design allows it to process a broad range of crude and intermediate feedstocks, ensuring uninterrupted PMS supply even during planned maintenance activities.
“As a domestic producer, Dangote Petroleum Refinery continues to shield the Nigerian market from import-related volatility and external supply disruptions, while remaining a stabilising force in the downstream petroleum sector,” he said.
Prior to the latest price adjustment, the landing cost of imported petrol had remained higher than Dangote’s ex-depot price of N699 per litre, making it difficult for importers to compete with Dangote-backed MRS filling stations.
In December, the President of the Dangote Group, Aliko Dangote, had reduced the petrol gantry price by N129 to ensure pump prices did not exceed N740 during the Yuletide period. He also said the move was aimed at discouraging fuel importation.
Dangote had accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of issuing what he described as “reckless” import licences in November while his storage tanks were reportedly full.
Data from the regulator showed that imported petrol volumes declined from 52.1 million litres per day in November to 42.2 million litres per day in December, while Dangote refinery’s supply rose from 19.5 million litres per day to 32 million litres per day within the same period.
Sources within the Dangote Group told The iNews Times that the December price reduction was strictly a festive intervention and that the latest adjustment merely returned prices to market-aligned levels.
“We didn’t increase prices; we only realigned them to what they should be. The December reduction was clearly communicated as a festive measure. Now that the season is over, prices have been adjusted to reflect market realities,” one source said.
However, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, alleged that the earlier price cut was aimed at dominating the market and sidelining competitors.
He warned that Nigerians might soon experience the implications of a single dominant supplier and called for a level playing field for all stakeholders in the downstream sector.
Dangote has repeatedly dismissed allegations of monopoly, insisting that he has never prevented anyone from building refineries. He has, however, argued that continued petrol importation while local storage facilities are full amounts to economic sabotage.
