According to recent statistics from the Major Energies Marketers Association of Nigeria (MEMAN), the spot landed cost of imported Premium Motor Spirit (PMS) reached N1,223.32 per litre on July 29, above the Dangote refinery’s gantry price of N1,215 per litre.


According to the numbers, merchants are now paying more to import petrol into Nigeria than to obtain it locally from the Lekki refinery, which produces 650,000 barrels per day.


MEMAN’s most recent Energy Bulletin also revealed that Brent crude averaged $90 per barrel throughout the review period.


At the same time, the naira traded at an average exchange rate of N1,367.03 to the US dollar.


Rising crude prices and exchange rate pressures have increased the cost of importing refined petroleum products.


The price change comes shortly after the Independent Petroleum Marketers Association of Nigeria (IPMAN) reiterated its call for the Federal Government to ban fuel imports.


The group claims that Nigeria’s current refining capacity, led by the Dangote Refinery, is sufficient to supply local petroleum demand.


Chinedu Ukadike, IPMAN’s National Publicity Secretary, as reported by The Punch Newspaper, stated that continuing to import petrol despite substantial local supply puts undue pressure on the country’s foreign exchange reserves while lowering the competitiveness of domestic refineries.


He also disclosed that newly authorized import licenses have not helped to cut retail fuel prices because imported cargoes are priced more than locally refined supply.


According to the MEMAN report, Dangote’s coastal PMS pricing was N1,195 per litre, while the gantry price remained N1,215 per litre, including regulatory duties.


The growing trend extends beyond petroleum.


Imported diesel landed at N1,739.96 per litre, up from a 30-day average of N1,427.00 per litre, while aviation fuel rose to N1,616.43 per litre from N1,421.10 per litre.


The most recent price data supports petroleum marketers’ claims that locally refined fuel has become the more cost-effective alternative for Nigeria’s downstream market.