The landing cost of imported petrol is N94.53 lower than the domestic gantry price, according to the Major Energies Marketers Association of Nigeria, raising concerns about pricing dynamics in Africa’s largest oil producer.
In its weekly report, MEMAN said the landing cost of imported Premium Motor Spirit (PMS) stood at N1,080.47 per litre as of March 16, 2026, compared with a domestic gantry price of N1,175 per litre. Marketers said the price gap could encourage increased importation.
By contrast, locally supplied diesel was cheaper than imported product by N46. Imported Automotive Gas Oil (AGO) landed at N1,546.12 per litre, while locally produced diesel sold for N1,500 at the Lagos gantry.
The pricing update comes as more than 156 million litres of petrol arrived in Nigeria within days, intensifying supply activity amid rising retail prices.
Data from the Nigerian Ports Authority showed that six vessels carrying about 120,000 metric tonnes of petrol and diesel were scheduled to arrive at ports between Tuesday and Sunday.
A vessel identified as LAUSU discharged 20,000 metric tonnes of petrol at the Kirikiri Lighter Terminal Phase 2 in Tin Can Island Port on Tuesday. Another vessel, LASTE, offloaded 13,000 metric tonnes of diesel at Kirikiri Lighter Terminal 3A early Wednesday, while Matrix Triumph discharged 15,000 metric tonnes at the same port.
Additional deliveries were expected through the week, including 22,000 metric tonnes of diesel from Koba on Thursday, 20,000 metric tonnes of petrol from Princess Oge on Friday, and 30,000 metric tonnes of diesel from Ashabi on Sunday.
Earlier shipments also contributed to supply volumes, bringing total recent imports to about 249,000 metric tonnes of petrol and diesel, including 117,000 metric tonnes of petrol — equivalent to approximately 156 million litres.
Despite the increased supply, retail petrol prices have risen above N1,200 per litre in many parts of the country, driving up transportation and living costs. Prices in some areas ranged between N1,200 and N1,300 per litre, with projections they could climb to between N1,500 and N2,000 if global oil market tensions persist.
Analysts and labor groups have called on the federal government to provide relief measures, citing pressure from rising crude oil prices linked to geopolitical tensions involving the United States and Iran.
The Independent Petroleum Marketers Association of Nigeria said its members were ready to lift imported products to boost supply and competition. Spokesperson Chinedu Ukadike said marketers would source fuel from available suppliers, noting that increased supply could help stabilize prices.
However, he said imports alone would not significantly reduce prices unless global crude oil prices declined, as domestic pricing remains tied to international benchmarks such as Brent crude.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority said no new import licenses were issued in the first quarter of 2026. The agency said supply gaps in February were covered by existing stocks and local refinery output.
According to the regulator, domestic refineries supplied about 36.5 million litres per day in February, compared with national consumption of about 56 million litres. Imports accounted for about 3 million litres daily, bringing total supply to roughly 92% of demand.
The authority warned against renewed dependence on fuel imports, even as some industry operators argue that imports remain necessary to meet demand and prevent supply shortages.
The recent vessel arrivals largely reflect previously approved import licenses and logistical delays rather than new approvals, regulators said.
