The cost of importing premium motor spirit (PMS) into Nigeria has dropped to ₦774.82 per litre, lower than the ex-depot price of Dangote Refinery’s fuel, which currently stands at ₦825 per litre.
This figure is arrived at from the latest competency centre daily energy data from the Major Energies Marketers Association of Nigeria (MEMAN).
MEMAN data shows that the import parity cost has reduced by ₦152.56 per litre (16.5%) from the ₦927.48 per litre recorded on February 21, 2025.
The drop aligns with falling crude oil prices worldwide. As of March 12, 2025, Brent Crude stood at $70 per barrel, while US WTI crude was at $66.70 per barrel. This marks a sharp decline from $76 and $69 per barrel, respectively, in February.
Industry experts predict further reductions in fuel prices. The retail price of petrol could fall to ₦800 per litre in the coming days. Current pump prices stand at ₦860 and ₦880 per litre in Lagos and Abuja.
At the start of March, Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery reduced petrol retail prices to their current levels, reflecting the global trend of declining crude oil prices.
IPMAN Reacts to the Price Drop
Reacting to the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that petrol prices may continue to decline.
“Crude oil is a major component in fuel production, so a further reduction in crude prices would lead to a drop in petrol prices. Prices can fall to ₦800 per litre,” Ukadike projected.
The declining global oil prices could offer some relief to Nigerian consumers, but worries persist over refining capacity, and foreign exchange fluctuations as key factors in determining long-term price stability.
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