The Nigerian downstream petroleum sector is witnessing a significant shift in pricing dynamics. According to recent industry reports, the petrol landing cost for imported supplies has crashed sharply to N1,003 per litre. This new landing cost is notably cheaper than the N1,125 per litre ex-depot price currently set by the Dangote Refinery.
Global Market Influence: Why Prices are Dropping
This decline is directly linked to recent developments in the global energy market. As of Sunday, June 28, 2026, Brent crude traded at $72 per barrel, while West Texas Intermediate (WTI) sold for $70.01 per barrel, and Murban crude dropped to $68.70 per barrel. These falls were primarily triggered by the reopening of the Strait of Hormuz after geopolitical tensions between the United States and Iran eased, which helped restore confidence to global oil markets.
Market Data & Comparison
Industry data sourced from the Major Energy Marketers Association of Nigeria (MEMAN) provides a clear picture of the current energy pricing landscape:
| Energy Product | Current Pricing Metric |
|---|---|
| Imported Petrol (Landing Cost) | N1,003 per litre |
| Dangote Refinery (Ex-Depot) | N1,125 per litre |
| Diesel (Landing Cost) | N1,239.99 per litre |
| Cooking Gas (LPG) | N925,000 per metric tonne |
The widening price gap between imported fuel and supplies from the Dangote Refinery has reignited public calls for a substantial price reduction from the local refinery to align with global market realities. Analysts suggest that if sustained, these lower fuel costs could provide much-needed relief to Nigerians and help ease inflationary pressure across the economy.