The cost of importing petrol into Nigeria has surged to around ₦870 per litre, placing increased financial strain on fuel marketers already grappling with tight margins and fluctuating prices.
This is according to data released by the Major Energies Marketers Association of Nigeria (MEMAN), which revealed that the landing cost rose to ₦872 on April 28 before slightly dropping to ₦868 the following day. Earlier on April 23, the rate stood at ₦859 — still above the Dangote Petroleum Refinery’s ex-depot price of ₦835 per litre.
The disparity between import costs and local depot prices has left many marketers unable to break even, with some forced to sell at a loss to stay competitive.
A market survey conducted on Thursday showed that Dangote was selling petrol at ₦840 per litre — matching the prices of Matrix and Rainoil in Lagos. However, other major players like Pinnacle, Mao, Sahara, and AA Rano were retailing at ₦889 per litre. Aiteo and Aipec posted slightly lower prices at ₦838.
Additional depot prices included:
- First Fortune – ₦868
- Sigmund – ₦875
- Liquid Bulk & Matrix (Warri) – ₦870
- NIPCO (Lagos) – ₦842
Price variations across the country remain influenced by transportation and logistics costs, with depots in Lagos offering the lowest rates and those in the South-South and remote regions bearing the highest.
Commenting on the situation, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), said many retailers are under immense pressure as unpredictable market conditions continue to impact business sustainability. Despite the odds, he noted that members are doing their best to maintain supply to Nigerians.
In Ogun State, prices at retail outlets were also varied. SGR stations along the Sagamu-Benin and Lagos-Ibadan expressways sold at ₦855 per litre, undercutting Dangote's rate. However, MRS outlets were charging ₦890, while Heyden retailed at ₦885 per litre.
Although the Dangote refinery has made recent price cuts following the Federal Government's naira-for-crude initiative, importers and retail station owners argue that these reductions, while helpful to consumers, are eroding their profit margins.
Industry insiders admit that some traders are compelled to sell below cost to avoid bigger financial losses, further highlighting the fragile state of the downstream oil sector.
