Price War in Nigeria’s Fuel Market as Landing Cost of Petrol Drops to N774.82 per Litre

The landing cost of Premium Motor Spirit (PMS) in Nigeria has dropped to N774.82 per litre, making it cheaper than the N825 per litre ex-depot price of Dangote Refinery’s fuel. This shift has intensified competition in the downstream oil sector, as major oil marketers now offer lower prices to attract customers.

Industry insiders revealed that the decline in landing cost could reduce pump prices to about N800 per litre, making imported petrol a more attractive option than refinery products. The N774.82 per litre landing cost represents a N50.28 drop compared to Dangote Refinery’s ex-depot rate, prompting many retail marketers to prioritize imported fuel over local refinery supplies.

NNPC and Dangote Refinery Cut Prices Amid Competition

Just last Monday, NNPC lowered its retail petrol price to N860-N880 per litre, following a similar reduction by Dangote Refinery. This marked the third price cut in two months, with Dangote reducing its ex-depot price from N890 to N825 per litre.

However, the price reduction has led to significant losses for fuel importers, estimated at N2.5 billion daily and N75 billion monthly. To counter this, many marketers have secured fresh imports at a cheaper cost, increasing pressure on Dangote Refinery.

Depots Adjust Prices to Stay Competitive

Following the drop in import costs, private depots have reduced their prices below Dangote’s rates:

AA RANO, MENJ, and MRS TINCAN: N830 per litre

WOSBAB and AITEO: N832 per litre

RAINOIL: N831 per litre


Meanwhile, marketers who bought from Dangote Refinery at N825 per litre are selling at N835 per litre, making just N1 profit per litre—a slim margin compared to private depots.

Marketers Call for Price Regulation

Oil marketers under the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have expressed concerns over the continuous price reductions, arguing that it has led to financial losses. Despite deregulation, PETROAN is advocating for a six-month price regulation policy to prevent constant fluctuations in fuel prices.

What’s Next?

With the landing cost of petrol dropping, fuel prices may see further reductions, benefiting consumers but pressuring local refiners. The battle for market share continues, and the coming weeks will determine how refineries and importers adapt to the shifting dynamics of Nigeria’s fuel market.

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