According to a report by PUNCH on Friday 31 July 2026, fresh data from the Major Energies Marketers Association of Nigeria (MEMAN) has revealed that importing Premium Motor Spirit (PMS), also known as petrol, is now more expensive than purchasing the product from the Dangote Petroleum Refinery, reinforcing calls for Nigeria to reduce dependence on fuel imports.
According to MEMAN's latest market bulletin, the spot landed cost of imported petrol rose to N1,223.32 per litre as of July 29; In comparison, the Dangote Refinery sold petrol at a gantry price of N1,215 per litre, while its coastal supply price stood at N1,195 per litre, making locally refined fuel the more affordable option.
The association attributed the higher import cost to rising global crude oil prices, with Brent crude averaging 90 per barrel, as well as an average exchange rate of N1,367.03 to the US dollar, both of which have significantly increased the cost of bringing fuel into Nigeria.
Reacting to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the Federal Government to immediately stop issuing licences for petrol importation; The association argued that continued reliance on imported fuel places unnecessary pressure on the country's foreign exchange reserves despite growing domestic refining capacity.
IPMAN's National Publicity Secretary, Chinedu Ukadike, said there is no longer any economic justification for importing petrol when local refineries, particularly the Dangote Refinery, can meet Nigeria's fuel demand; He warned that continued imports create price uncertainty and discourage investment in the country's refining industry.
The MEMAN report also showed that the landed cost of other imported petroleum products has increased; Diesel climbed to N1,739.96 per litre, while aviation fuel rose to N1,616.43 per litre, reflecting the impact of higher international energy prices.
Meanwhile, depot operators have continued adjusting ex-depot prices across the country; Petrol is currently sold at between N1,216 and N1,218 per litre in Lagos depots, while prices in Port Harcourt, Calabar and Warri range from N1,220 to N1,240 per litre; As a result, retail pump prices remain around N1,250 to N1,300 per litre in many parts of Nigeria.
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