KEY POINTS
- Petrol landing cost rises to ₦1,311.36 per litre.
- Dangote’s ₦1,265 gantry price is now ₦46.36 lower.
- Rising crude prices fuel fears of higher pump prices.
Fresh pressure is building on petrol prices in Nigeria after the estimated landing cost of petrol rose to ₦1,311.36 per litre, exceeding the current ₦1,265 per litre gantry price of Dangote Petroleum Refinery by ₦46.36.
The latest figure was contained in the September 8 report of the Major Energy Marketers Association of Nigeria (MEMAN). It represents a significant increase from the 30-day average landing cost of ₦1,216.34 per litre.
The latest estimate is therefore ₦95.02 higher than the monthly average, reflecting the recent rise in international crude oil prices and the cost of refined petroleum products.
The increase comes as global oil prices continue to rise, with Brent crude trading at around $105 per barrel on Thursday.
Higher international crude prices increase the cost of crude feedstock and refined petroleum products, creating additional pressure on the domestic fuel market.
The widening gap between the international replacement cost of petrol and Dangote Refinery’s local gantry price has raised concerns that domestic pump prices could come under renewed pressure if crude prices remain elevated.
Dangote Refinery has not announced any new adjustment to its PMS price. However, industry watchers warn that sustained increases in international oil prices could eventually force a review of local petrol prices.
Pump prices remain mixed
Checks by Nigerian Tribune in Lagos on Thursday showed that most filling stations had not made major changes to their pump prices.
Several outlets were selling petrol between ₦1,290 and ₦1,310 per litre, although some stations had already moved above that range.
A motorist identified as Mr Emma said he bought petrol for ₦1,330 per litre at a Conoil station in Ojota, Lagos.
However, a commercial driver operating on the Lagos Island-Ikeja route said several other major marketers, including Mobil, Total, AP and Rainoil, had retained their existing prices.
Motorists are increasingly concerned that another petrol price increase could raise transportation costs and add to the financial pressure on households and businesses.
Industry experts say the key factor to watch is whether the international replacement cost continues to rise while domestic refinery prices remain unchanged.
If crude oil and refined-product prices remain elevated, the widening gap could make another upward review of petrol prices more likely in the coming days.
For now, consumers are watching Dangote Refinery and major fuel marketers closely for any indication of a fresh price adjustment.
