The landing cost of imported Premium Motor Spirit (PMS) has decreased to ₦922.65 per litre, a ₦32.35 reduction compared to the ₦955 per litre price at the Dangote Petroleum Refinery’s loading gantry.
This price shift has prompted fuel marketers to favor imported petrol, which now offers better profit margins over locally refined products from the Dangote Refinery.
Industry analysts observed that while the Dangote Refinery initially provided competitive pricing, the recent drop in import costs has made foreign products more appealing to marketers.
Data revealed that within just two days, oil marketers imported 76.84 million litres of petrol, signaling a resurgence in the reliance on imported fuel despite earlier efforts to prioritize local refining.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had earlier recommended a 180-day moratorium on fuel imports to support the Dangote Refinery’s capacity-building efforts.
However, marketers maintain that no binding agreement was established, allowing them to pursue cheaper options to remain competitive.
“The lower cost of imported petrol is an obvious incentive, and you can’t blame marketers for prioritizing profitability,” a top marketer told Punch.
As import prices fall, consumers may hope for potential retail price adjustments, although depot prices remain relatively high across key locations, ranging from ₦950 to ₦990 per litre.
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