Imported Petrol Now N133 Cheaper Than Dangote Refinery Price
Nigerians may soon enjoy lower fuel prices as the landing cost of imported petrol has dropped significantly below the ex-gantry price offered by local refiners, including Dangote Refinery. This marks the second time in June that imported petroleum products have become cheaper than locally refined supplies, a development driven largely by the recent decline in global crude oil prices.
According to the latest bulletin from the Major Energy Marketers Association of Nigeria (MEMAN) released on Friday, June 19, 2026, the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, fell to N1,041.52 per litre. This is N133.48 lower than the N1,175 per litre ex-gantry price currently quoted by Dangote Refinery, widening the gap between imported and locally refined fuel.
Diesel and Cooking Gas Also See Price Drops
The report also revealed that diesel landed at N1,293.19 per litre, substantially below Dangote's N1,500 per litre price. Aviation fuel was estimated to have landed at N1,257 per litre, while liquefied petroleum gas (LPG), popularly known as cooking gas, recorded a landing cost of N925,000 per metric tonne. MEMAN added that the exchange rate used for the importation calculations stood at N1,362.13 to the dollar.
Industry analysts attribute the price drop to easing geopolitical tensions following the fragile truce between the United States and Iran. The development has eased fears of disruptions in the Strait of Hormuz, one of the world's most important oil shipping routes, prompting crude prices to retreat.
Pressure Mounts on Local Refineries
The widening price gap is piling pressure on Dangote Refinery and other local refiners to adjust their prices downward in line with falling global crude prices. Industry stakeholders argue that Nigerian consumers should benefit from the current trend, especially at a time when households and businesses continue to grapple with high living costs and inflationary pressures.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged refiners, depot owners and importers to pass the benefits of lower crude prices on to consumers. In a statement issued by its National President, Billy Gillis-Harry, the association stressed that domestic fuel prices should reflect developments in the international oil market.
PETROAN Calls for Immediate Price Review
"The recent drop in global crude oil prices offers an opportunity for stakeholders in the downstream petroleum sector to pass the savings on lower crude costs to Nigerian consumers," he said. According to PETROAN, fairness and economic realities demand that both ex-depot and retail fuel prices be adjusted downward whenever market conditions support such reductions, offering much-needed relief to millions of Nigerians.
Dangote Refinery earlier reduced its ex-gantry petrol price to N1,175 per litre, representing a N75 reduction from N1,250 per litre, in a move widely expected by fuel marketers following recent declines in international crude oil prices. The new price took effect at 12 am on June 16, 2026, and the refinery also directed that all outstanding unloaded gantry volumes be repriced at the updated rate effective from that date. The refinery also reduced its coastal loading price by N100,575 per metric tonne, from N1,595,790 to N1,495,215, further reinforcing its competitive positioning in Nigeria's downstream petroleum market.
