Imported Petrol Costs N94 Less Than Local Supply – Report

Imported Petrol Costs N94 Less Than Local Supply – Report

Imported petrol is now significantly cheaper than locally supplied fuel, with its landing cost undercutting the domestic gantry price by N94.53, according to a report by the Major Energies Marketers Association of Nigeria.

This came as over 156 million litres of petrol arrived in Nigeria within the

In its latest weekly report, MEMAN disclosed that the landing cost of imported petrol as of March 16, 2026, stood at N1,080.47 per litre, while the domestic gantry price was N1,175 per litre, reflecting a N94.53 difference. Marketers said the price gap could incentivise importation.

However, locally supplied diesel was N46 cheaper than the imported one, according to the report. While imported diesel landed at N1,546.12, locally produced diesel sold for N1,500 at the Lagos gantry.

As Nigerians grappled with high petrol prices, six vessels carrying 120,000 metric tonnes of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) had been arriving at Nigerian ports from Tuesday to Sunday.

This was based on the Nigerian Ports Authority’s Daily Shipping Position obtained on Wednesday. According to the report, a vessel named LAUSU discharged 20,000MT of PMS at the Kirikiri Lighter Terminal Phase 2, Tin Can Island Port, on Tuesday.

Another vessel, LASTE, discharged 13,000MT of AGO via Kirikiri Lighter Terminal 3A early Wednesday, while Matrix Triumph discharged 15,000MT through KLT Phase 2 at Tin Can Island Port.

Koba is also meant to discharge 22,000MT of AGO via KLT Phase 2 on Thursday, March 19. Princess Oge is expected to discharge 20,000MT of PMS at KLT Phase 3 on Friday, while Ashabi would discharge 30,000MT of AGO on Sunday.

According to reports, vessels carrying 129,000MT of petrol and diesel had docked at Lagos ports this week. In recent days, 249,000MT of both products were imported, including 117,000MT of petrol.

According to the NPA’s Shipping Position Daily obtained on Monday, Mosunmola, carrying 20,000MT of PMS, arrived at Lagos ports via the Bulk Oil Plant on March 14. Another vessel, Kobe, with 22,000MT of AGO, docked at Kirikiri Lighter Terminal Phase 2 on the same day.

On Tuesday, March 17, Bora was scheduled to arrive at Kirikiri Lighter Terminal 3B with 27,000MT of PMS, while Ashabi delivered 30,000MT of AGO to the same terminal. Additionally, Oluwajuwonlo offloaded 15,000MT of PMS at Calabar ports on Sunday, March 15, while Mosunmola delivered 15,000MT of PMS to the same port on March 17.

Nigeria’s recent petrol import of 117,000MT translated to about 156 million litres, using a density of 0.75 kilogramme per litre. The vessel arrivals coincided with rising fuel prices nationwide.

Retail petrol prices climbed above N1,200 per litre, increasing transport costs and the prices of goods and services.

Economic analysts, labour unions, and private sector leaders called on the Federal Government to provide relief, citing rising crude oil prices driven by tensions between the United States and Iran. Some stakeholders suggested subsidising petrol to ease the burden on citizens and businesses, warning that further increases could worsen inflation.

Petrol prices ranged between N1,200 and N1,300 per litre in several areas, with projections that they could exceed N1,500 or approach N2,000 if the Middle East crisis persisted.

According to MEMAN, prices were higher in locations farther from Lagos due to distribution costs.

The Independent Petroleum Marketers Association of Nigeria confirmed that independent marketers were ready to lift imported products to ensure availability and competition.

IPMAN spokesperson Chinedu Ukadike noted that marketers would buy products from any available source, adding that increased supply could encourage competition and help stabilise price volatility.

He also suggested that the vessels might be operating under old licences and that delays at sea, particularly around the Strait of Hormuz, might explain their late arrival.

He added that imported products would not significantly impact prices unless crude oil prices declined, noting that pricing remained tied to global oil benchmarks such as Brent crude.

NMDPRA explains imports

The Nigerian Midstream and Downstream Petroleum Regulatory Authority earlier clarified that no import licences were issued in the first quarter of 2026, stating that February shortfalls were covered by leftover stocks from January and existing refinery output.

While IPMAN and others supported the halt on import licences, major dealers argued that imports remained necessary to meet demand. February data showed an average local supply of 36 million litres per day against national consumption of about 56 million litres.

A source within NMDPRA who pleaded not to be named due to the lack of authorisation to speak on the matter explained that the gap was bridged by rollover stocks due to delayed exports in Europe at the end of 2025.

The regulator also refuted claims that new licences had been issued, noting that licences were granted quarterly and that previously issued licences were still being utilised.

NMDPRA stated that domestic refineries supplied 36.5 million litres per day in February 2026, while imports contributed three million litres, accounting for about 92 per cent of the total daily supply.

Chief Executive of NMDPRA, Saidu Mohammed, warned against a return to heavy import dependence, noting that some interests continued to push for large-scale importation despite improvements in domestic refining.

The recent vessel arrivals, while supporting supply, largely reflected past import licences and logistical delays rather than new approvals, even as price disparity tends to open a new debate.

While some marketers supported the suspension of import licences, others argued that it could breed monopolistic practices.