The average landing cost of imported premium motor spirit has dropped to N829.77 per litre, a price lower than the ex-depot price of the fuel produced locally.
According to a report by the Major Energies Marketers Association of Nigeria, the average landing cost of petrol as of October 30 was N829.77 per litre. This was a further drop in the landing cost, which was an average of N849.61 on October 13, N847.61 on October 14, N841.54 on October 20, and N839.97 per litre on October 21.
According to the MEMAN report, however, Dangote refinery’s gantry remained N877/litre as of last Thursday.
It was reported that the difference in the cost of imported fuel and local fuel prompted the imposition of import duty on petrol and diesel brought into the country.
As of Sunday, data by Petroleumprice.ng showed that Dangote’s ex-depot price was N873.
Checks by our correspondent revealed that petrol pump prices remained at an average of N920 in Lagos and Ogun State as of Sunday.
Pinnacle’s ex-depot price was N872; NIPCO, N872; Matrix Lagos, N872; AA Rano and Aiteo, N871; Ardova, N872; Emadeb, Integrated and RainOil, N873; Eterna, N874; Bono and Gulf Treasure, N875; and Prudent, N890, according to Petroleumprice.ng.
The Presidency on Friday confirmed that President Bola Tinubu had approved a 15 per cent import tariff on petrol and diesel, describing the policy as a strategic step to stimulate local refining and strengthen Nigeria’s energy independence.
According to a statement by the Special Adviser to the President on Media and Public Communications, Sunday Dare, on his official X handle, the new policy was “a bridge, not a burden”, aimed at transforming Nigeria’s petroleum landscape and securing long-term economic stability.
He described the policy as a strategic measure to end Nigeria’s dependence on imported fuel and accelerate the country’s path to energy self-sufficiency.
“It’s no longer news that President Bola Ahmed Tinubu has approved a 15 per cent import duty on petrol and diesel, a bold and strategic move aimed at reshaping Nigeria’s energy landscape,” Dare wrote.
He explained that for years, Nigeria had depended heavily on imported fuel despite being one of the world’s leading crude oil producers, a situation that drained foreign exchange, hindered job creation, and stifled local refining investments.
“For years, the nation has depended heavily on imported fuel despite being a leading crude oil producer, draining foreign exchange and exporting jobs that should have been created at home. This new policy is designed to reverse that trend by encouraging local refining, boosting domestic capacity, and ensuring that Nigeria’s oil wealth translates directly into national prosperity,” the statement added.
Dare said the policy seeks to make imported products less competitive while tilting the market in favour of locally refined fuel from the Dangote Refinery, Port Harcourt Refinery, and modular plants under construction across the country.
The new policy, which takes effect after a 30-day transition period expected to end on 21 November 2025, is part of the government’s strategy to protect local refiners and reduce the influx of “cheaper imported products” that threaten domestic refining investments.
The President of the Dangote Group, Alhaji Aliko Dangote, had earlier complained that subsidised Russian petrol coming into Nigeria through Lomé in Togo was forcing local refiners to sell below their costs of production.
With the fuel import duty, Dangote and other refiners now have a competitive advantage over importers.
However, many had warned that there could be fuel scarcity should local refineries fail to supply enough fuel into the market.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, warned that if the measure was poorly implemented, it could cripple fuel importation and render many importers jobless, a situation he said would lead to fuel scarcity.
Importers of petroleum products, which were a price-check mechanism against profiteering, will be out of business if not properly managed. We call on regulatory agencies, especially the NMDPRA, to be on red alert against monopoly. If local refineries are not properly regulated, monopoly could harm the market,” he said in a statement on Friday.
The PETROAN president said while the tariff would boost local refining capacity and promote energy security, the government must ensure a level playing field for all operators.
He urged fuel importers to look inwards and begin to patronise local refineries rather than depend solely on foreign supplies.
Harry also called on the Nigerian National Petroleum Company Limited to make crude oil available to domestic refineries, warning that the success of the new policy depends on adequate feedstock supply.
Amid fear of scarcity or possible price surge, the Dangote refinery assured Nigerians of a steady fuel supply, especially during the festive period.
Meanwhile, the Nigerian National Petroleum Company Limited has reduced its petrol pump price by N10, following the easing of supply constraints at the Dangote Petroleum Refinery.
Checks by The PUNCH showed that the state-owned oil firm adjusted its retail price from N955 to N945 per litre across several of its filling stations. However, a market survey revealed that prices still vary across NNPCL outlets in Lagos, exposing inconsistencies in its retail operations.
At the company’s stations in Berger, petrol was sold for N922 per litre, while outlets in Igando and Ikorodu dispensed at N920 and N928 per litre, respectively. Other NNPCL stations in parts of Lagos maintained higher prices, despite the new adjustment.
The fresh price reduction has also been implemented at NNPCL retail outlets in Gwarimpa and Wuse Zone 4.
Other major marketers have adjusted their pump prices in line with market realities. Eterna Plc reviewed its price to N945 per litre, while Bovas Energy sold petrol at N935 per litre, making it one of the lowest retail prices currently available.
Oando suspends petrol imports as Dangote refinery reshapes market
Oando Plc says it has suspended petrol importation into the country as the commencement of domestic fuel supply by the Dangote refinery continues to disrupt Nigeria’s downstream market, leading to a 20 per cent fall in its trading revenue.
In its H1 and nine-month 2025 financial reports, the energy company said its trading segment faced headwinds that exerted pressure on both the entity’s revenue and the group’s topline, following the decline in Premium Motor Spirit imports into the country due to rising local refining capacity.
“Our trading segment faced headwinds which exerted pressure on the entity’s revenue and the Group’s topline as a result of declining PMS imports into the country due to rising local refining capacity from the Dangote refinery, a positive development that enhances Nigeria’s energy security and self-sufficiency,” the company said in its H1 report.
It explained that in response to the changing environment, it diversified crude offtake sources, optimised trade flows, and expanded into new commodities like liquefied natural gas to cushion the impact of lost PMS volumes.
“In response, we diversified our crude offtake sources, optimised trade flows, and expanded into LNG and metals. These initiatives are already gaining traction and will support stronger performance in H1,” Oando stated.
According to the 9M report, revenue declined by 20 per cent year-on-year to N2.5tn in the first nine months of 2025, compared with N3.2tn in the same period of 2024. The company attributed the fall primarily to a reduction in gasoline imports following the ramp-up of the Dangote refinery, though this was partly offset by stronger upstream contributions.
“Revenue declined by 20 per cent year-on-year to N2.5tn (9M 2024: N3.2tn), primarily due to a reduction in gasoline imports following the ramp-up of the Dangote refinery, which has positively transformed Nigeria’s refined-product supply landscape, partly offset by stronger upstream contributions,” the firm noted.
Gross profit also decreased by 42 per cent to N113bn compared to N194bn in the same period last year. The decline was in line with the topline contraction and changing segment mix, Oando reported.
However, the company recorded a sharp rise in net earnings during the period under review.
“Profit after tax increased by 164 per cent to N210bn (9M 2024: N76bn), driven by stronger production volumes and legacy recoveries,” it said.
Across its trading business, Oando acknowledged that refined product volumes remained under pressure largely due to the success of the Dangote refinery in meeting Nigeria’s fuel needs.
“Across our trading business, refined products volumes remained under pressure, largely due to the well-deserved and expected success of the Dangote refinery in meeting Nigeria’s import needs. Consequently, our focus had shifted to expanding global crude exports and leveraging structured pre-export transactions, an area in which we have continued to record robust success,” it stated.
During the review period, Oando said it maintained progress in crude trading while deliberately pausing PMS activities in response to the structural shift in the domestic market.
“In 9M 2025, the Trading Division continued to execute its strategic priorities despite persistent market volatility. A total of 21 crude oil cargoes (19.8 million barrels) were traded during the period, up from 15 cargoes (16.7 MMbbl) in 9M 2024, reflecting sustained momentum under Project Gazelle and stronger crude trading performance,” it said.
Conversely, it was added that the organisation made a conscious strategic decision to pause PMS trading activities during the period, recognising the structural shift in Nigeria’s downstream market following the full commencement of domestic supply from the Dangote refinery.”
It added, “With the refinery now fulfilling its intended role in supporting national product availability, Oando has redirected its focus towards higher-margin crude and gas trading opportunities, while continuing to evaluate re-entry into the refined-product segment as market dynamics stabilise.
Looking ahead, Oando said it would focus on strengthening crude trade flows and expanding into gas and metals.
“The focus going forward is on deepening operational resilience and optimising existing crude trade flows, supported by the development of offtake-linked financing structures to unlock incremental volumes and strengthen margins. In parallel, the division is advancing plans to diversify into gas and metals trading, aligning with the group’s broader strategy to build a balanced, future-ready energy portfolio and deliver sustained long-term value,” the report stated.
The Dangote refinery, which began production in 2024, has since become a dominant player in Nigeria’s fuel market. With a capacity of 650,000 barrels per day, the plant said it now supplies much of the nation’s petrol and diesel needs, significantly cutting the country’s dependence on imported
