…Importers predict new petrol landing cost
…NNPC, others reduce prices below Dangote’s rate
By Charles Ebi
Independent Petroleum Marketers Association of Nigeria ,IPMAN, has asked Dangote Refinery to lower the petrol prices further.
The association stated that the current N825 per litre ex-depot price is not cheap enough, considering the operating environment. Chinedu Ukadike, IPMAN’s Publicity Secretary, said petrol from the refinery should sell below N750 per litre
The Independent Petroleum Marketers Association of Nigeria ,IPMAN, has proposed a new PMS price for the Dangote Refinery.
The association said the mega refinery should sell petrol below the current N825 per litre ex-depot price. Marketers say petrol from Dangote Refinery is not cheap enough.
IPMAN’s publicity secretary, Chinedu Ukadike, disclosed this recently, stating that the refinery has all the enabling reasons to sell petrol below the current gantry price.
The IPMAN scribe was reacting to a comment by Aliko Dangote, Chairman of the Dangote Group, in which he said the refinery has contributed to a continued decline in fuel prices, leading to Nigerians paying 55% less than other West African countries.
Ukadile said, despite Dangote’s assertion, petrol should be far cheaper in Nigeria at about N750 per litre. Nigerians buy petrol cheaper than others, Ukadike said many West African countries do not produce crude oil or have refineries processing crude in local currencies.
The IPMAN scribe said that the Dangote Refinery has helped Nigerians overcome incessant fuel scarcity and long queues at filling stations, asking the Nigerian government to boost the naira to make fuel affordable.
The IPMAN official said that relative to the facilities, amenities, and enabling environment given to Dangote, petrol from his refinery is not cheap enough.
He disclosed that PMS from the plant should be around N770, saying that, adding to the landing, Dangote should sell his petrol far cheaper than the current price.
IPMAN pushes for N750 per litre Ukadike predicted that if the naira rises to N1,100 per dollar, petrol should be sold below N750 per litre.
He said if the local currency appreciates to N1,200, petrol prices will crash below N750 per litre. Dangote explains the impact of his refinery our Correspondent report that Dangote had said most Nigerians were unaware that they pay 55% less than other West African countries.
The Nigerian billionaire added that his refinery helped to reduce petrol prices by selling the product between N815 and N820 per litre.
The industrialist disclosed this during a visit to the mega refinery by the President of the Economic Community of West African States ,ECOWAS, Omar Touray.
Dangote explained how the refinery has helped Nigeria to reduce the cost of refined petroleum products and production costs across several sectors.
He cited the crash in diesel prices by his refinery from N1,700 per litre to N1,100 and subsequent price adjustments. Aliko Dangote compares petrol prices in West Africa, says Nigerians are paying less.
The Kano-born billionaire said the reduction has impacted several sectors, supporting industries, benefiting mining companies, and providing relief to the agricultural sector.
Dangote Refinery emerges top buyer of US crude Legit.ng earlier reported that the mega Dangote Refinery is increasingly turning to the US for crude oil supplies, following domestic shortfalls.
Experts have described the allocation of 350,000 barrels per day to the refinery by the Nigerian National Petroleum Company Limited ,NNPC, to the refinery as a drop in the ocean.
They disclosed that the Domestic Crude Supply Obligation ,DCSO, contained in the Petroleum Industry Act (PIA) is not enough for local refiners.
Meanwhile, Major Energies Marketers Association of Nigeria ,MEMAN, has predicted an increase in the petrol landing cost MEMAN disclosed in the latest report that the petrol landing cost for June 2025 is expected to be around N950 per litre, up from N870 in May
The development comes as independent retail stations and NNPC retail outlets crashed petrol prices below Dangote Refinery’s rate.
The association’s report shows that the landing cost of PMS in November 2024 was about N971 per litre.
MEMAN released new data on landing costs. Recall that MEMAN members are key players in the Nigerian downstream petroleum industry, providing reliable data on landing costs and other market information.
Petrol landing cost is the total cost of importing PMS from the international market into Nigeria and includes transportation, insurance, and other related expenses. According to reports, in May 2025, the landing cost of petrol was around N870 per litre, which was higher than the N835 per litre ex-depot price announced by the Dangote Refinery.
The refinery further lowered the ex-depot price to N825 per litre, triggering a nationwide petrol price crash.
Experts have disclosed that the 2023 fuel subsidy removal by the Federal government triggered price fluctuations.
Oil marketers have lamented that they are running at a loss due to the incessant price reductions by Dangote Refinery.
The marketers disclosed recently that they have banded together to minimise their losses.
A previous media report had said that Nigeria’s petroleum market is experiencing a new price war as independent marketers and financially backed filling stations crash prices below the N875 per litre sold by the Dangote Refinery partner stations.
Al-Moruf Filling Station at the Power Line area in Igando in Lagos sells petrol at N865 per litre, Eunice filling station displayed N859, and MOJ sells for N865.
Meanwhile, NNPC Retail has also adjusted its rate to N870, adding to the growing list of stations challenging Dangote’s dominance in the petroleum retail market. Data from Petroleum price shows that depot owners also dropped their prices.
According to the report, AITEO depot now sells petrol at N826 per litre, offering resellers a good margin advantage.
..Imported petrol prices may increase as MEMAN predicts a new landing cost.
Experts say these price movements come despite Dangote Refinery’s increased production capacity and recent refining gains.
They say these developments show a shift in price leadership, with private and independent operators overtaking the Dangote network.
…Dangote Refinery to import five million barrels
Our Correspondent had earlier reported that Dangote Refinery will continue its crude oil imports, with reports saying that it has already secured five million barrels of US WTI scheduled for July this year.
The mega 650,000 bpd capacity facility is set to import about 161,000 barrels per day of West Texas Intermediate ,WTI, Reuters quotes sources as saying, extending its buying spree after June supplies.
According to the report, the final totals for July are subject to change if the refinery makes more purchases.
