Nigeria's locally refined fuel now cheaper than imports

Recent data from the Major Energies Marketers Association of Nigeria (MEMAN) show that the spot landed cost of imported Premium Motor Spirit (PMS) reached N1,223.32 per litre on July 29, exceeding the Dangote Petroleum Refinery’s gantry price of N1,215 per litre. The 650,000‑barrel‑per‑day Lekki‑based refinery therefore supplies fuel at a lower cost than imports, with Brent crude averaging $90 a barrel and the naira trading around N1,367 to the US dollar.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has renewed its call for a ban on fuel imports, arguing that continued imports strain foreign‑exchange reserves and undermine domestic refineries. IPMAN’s National Publicity Secretary, Chinedu Ukadike, noted that newly issued import licences have not reduced retail prices because imported cargoes remain more expensive. Imported diesel and aviation fuel also command higher landed costs, reinforcing the trend that locally refined fuel is now the more cost‑effective option for Nigeria’s downstream market.