Prosper Okoye
Industry data suggest that delays in adjusting Dangote Refinery’s petrol depot price contributed to a surge in fuel imports by marketers in November 2025.
Analysis of the pricing data shows that under an October agreement, the refinery limited direct sales to independent marketers, requiring larger purchases to go through 20 approved marketers. Petrol was sold at about ₦828 per litre, roughly ₦131,700 per barrel at the time.
In November, global oil prices fell sharply. Brent crude dropped to around $60–$63 per barrel, or about ₦55,000–₦60,000, reducing the cost of imported petrol. Despite this, Dangote did not immediately adjust its depot price, making imports temporarily more attractive to some marketers.
Join our WhatsApp ChannelThe refinery later reduced its price to ₦699 per litre, around ₦111,100 per barrel, but by then many marketers had already placed import orders, leaving some with unsold stock and financial losses.
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Data from the Major Energy Marketers Association of Nigeria (MEMAN) show that the average landing cost of imported petrol in late October was ₦829.77 per litre, nearly ₦132,000 per barrel. This illustrates how timing of price adjustments can influence supply decisions and market behaviour.
This could impact consumers as petrol prices at the pump remained volatile, affecting household budgets and transport costs.
