Victor EzejaThe landing cost of Premium Motor Spirit (PMS), also known as petrol, has recorded an average of N873 per litre.
This was revealed in the Energy Bulletin of the Major Energies Marketers Association of Nigeria (MEMAN) on April 29.
Join our WhatsApp ChannelAccording to MEMAN, the landing cost of imported petrol (spot) on 28 April was ₦872 per litre and ₦868 as of April 29.
The latest Energy Bulletin from the MEMAN Competency Centre (29 April 2025), shows that the Import Parity Cost (IPC) for petrol at Apapa (APSM) is based on a spot exchange rate of ₦1,599.71 to $1. With Brent crude at $64.25 per barrel, WTI $60.24, Bonny Light $66.66, and ICE Gasoil Futures at $615/MT, the landing cost incorporates freight, insurance, terminal charges, and other associated costs.
This latest landing cost for petrol means it is ₦33 higher than the Dangote Refinery’s ex-depot price of ₦835 per litre.
Dangote refinery had slashed its ex-gantry price twice in a week. From ₦880 per litre, the 650,000 barrels per day facility reduced the price to ₦865 on 10 April. Six days later, on 16 April, the refinery announced a further slash in price to ₦835 per litre.
These reductions in the ex-gantry price have, according to industry stakeholders, put petroleum marketers on edge, setting them up for significant losses. The landing cost, which is higher than Dangote refinery’s price, poses challenges for importers of petroleum products in selling their products at profitable rates.
Prime Business Africa gathered that many marketers had already stocked up petrol at higher import rates before Dangote’s latest drop in price.
Importers of petroleum products and also the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) had lamented that the serial price cuts were impacting their businesses negatively, as each time the refinery announced a reduction, they were forced to sell below their cost price, leading to losses.
READ ALSO: Dangote Refinery Slashes Petrol Price To N865 As FG Promises To Continue Naira-for-crude Deal
Marketers had jacked up prices in March when the naira-for-crude deal was suspended and Dangote stopped selling petrol in naira. PMS prices almost reached ₦1,000 from ₦860 per litre.
However, following series of concerns raised, the Federal Government ordered that the naira-for-crude deal should continue indefinitely, citing the benefit to the people and the economy generally.
The retail outlets in partnership with Dangote Refinery -MRS, Ardova PLC, Heyden, Optima Energy, Technoil and Hyde are selling petrol at ₦890 per litre in Lagos, ₦900 in other South-west states, ₦920 in North-east, ₦910 in North-west & North-central, and ₦920 in South-east and South-south.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
