Nigeria’s petrol landing cost has continued its downward slide, dropping to ₦827.24 per litre as of Monday, even as retail pump prices remain stubbornly high across the country.
According to the latest Energy Bulletin released Tuesday by the Competence Centre of the Major Energies Marketers Association of Nigeria (MEMAN), the 30-day average landing cost stood at ₦827.04/L — slightly lower than ₦829.77/L reported on October 30.
Despite this decline, pump prices in Lagos have stayed between ₦915 and ₦925 per litre, offering no relief to consumers already grappling with high living costs.
The MEMAN report also showed falling diesel and aviation fuel costs. Diesel landed at ₦972.33/L (30-day average ₦972.67/L), while aviation fuel (ATK) dropped to ₦984.01/L, with a monthly average of ₦962.37/L.
For products from the Dangote Refinery, coastal prices and depot rates were listed as:
Petrol: $764.50/MT; gantry price ₦877.00/L
Diesel: $739.25/MT; gantry ₦910.00/L
ATK: $798.75/MT; gantry ₦1,002.94/L
Ex-depot prices from private depots tracked by Petroleumprice.ng ranged between ₦871 and ₦875 per litre, with a few operators selling as high as ₦890/L.
However, retail markets have not reflected the easing trend, raising fresh concerns over transparency in pricing and the effectiveness of deregulation under Nigeria’s current fuel market regime.
Industry sources argue that forex challenges, distribution logistics, and marketers’ profit margins continue to keep pump prices elevated. Analysts say the lag in price transmission to retail stations is becoming more pronounced, despite repeated drops in international oil prices and shipping costs.
Meanwhile, global crude oil prices slipped further Tuesday amid fears of oversupply. Brent Crude traded at $64.10 per barrel, down 1.22%, while U.S. WTI settled at $60.17 — a 1.44% decline — as OPEC+ confirmed it would suspend planned output increases for January to March 2026 in response to weakening demand outlook.
Suvro Sarkar, Energy Analyst at DBS Bank, said the move signals concerns within the cartel about a potential glut.
“The market may see this as the first sign of acknowledgement of potential oversupply from OPEC+, who have so far remained very bullish on demand,” he noted.
With landing costs trending downward and international oil markets cooling, pressure is mounting on Nigerian authorities and marketers to justify sustained high pump prices — or allow price adjustments to reflect the easing import cost curve.
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
