Data from the Major Energies Marketers Association of Nigeria shows the current landing cost of petrol is N978.01 per litre as of October 31, 2024. Diesel and aviation fuel, meanwhile, have landing costs of N1,069.97 and N1,119.67 per litre, respectively. Landing cost refers to the expense of bringing the imported product to Nigerian shores.
A major marketer, speaking anonymously, confirmed that Dangote’s refinery prices are currently above imported PMS prices. According to this source, bulk buyers are charged N1,015 per litre by the refinery, while smaller purchases cost N1,028 per litre. This pricing difference, the marketer claims, is part of Dangote’s effort to deter fuel importation and keep the local market dependent on his supplies.
In response, the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) announced its intention to import petrol independently and sell it at more affordable rates than those offered by the Dangote refinery or NNPCL. PETROAN’s Publicity Secretary, Dr. Joseph Obele, disclosed that deals with international suppliers would secure PMS imports at an estimated N800 per litre.
“PETROAN has structured a plan to import fuel at better rates, ensuring Nigerians can access affordable petrol. We’re working with international partners to bring this product in around N800 per litre,” Obele said. He explained that PETROAN’s setup through its registered company, PETROAN Limited, is actively seeking regulatory approval to import and distribute petrol at these lower prices.
Obele also clarified the pricing structure at Dangote’s refinery, noting it currently relies on older crude stock purchased at a premium price. This older stock, bought when crude prices were above $80 per barrel, contributes to the higher fuel price from the refinery. As crude prices have recently declined, he emphasized that Nigerians could expect a decrease in local prices if refineries begin using newly acquired crude at lower rates.
Meanwhile, Yakubu Suleiman, National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria, supported claims that Dangote’s pricing remains high compared to imported options. He accused the refinery’s CEO, Aliko Dangote, of limiting fuel supply to independent marketers, complicating their access to petrol from the facility.
In response, Dangote Group’s Chief Corporate Communications Officer, Tony Chiejina, refuted the reported figures, describing them as “fake news.” However, he declined to disclose the actual prices for Dangote’s PMS, leaving the question of pricing largely unanswered.
