Nigeria’s petrol landing cost has climbed to ₦1,314.67/litre, while diesel (AGO) stands at ₦1,850.66/litre, according to the Major Energies Marketers Association of Nigeria (MEMAN), putting fresh pressure on the domestic market as Brent crude approaches $100 per barrel amid renewed US-Iran hostilities and disruption around the Strait of Hormuz.
Despite the higher landing cost, PMS is still trading below the benchmark. Integrated, Ascon and Sahara depots sold petrol at ₦1,280/litre on Thursday, while Dangote Refinery’s PMS price stood at ₦1,265.50/litre, according to market prices obtained by Petroleumprice.ng.
The latest figures show that the landing cost is ₦34.67/litre above the average Lagos depot price and ₦49.17/litre above Dangote’s current PMS price, highlighting the widening pressure on replacement costs if international crude prices remain elevated.
The pressure is being amplified by renewed US-Iran military exchanges and reports of attacks on commercial tankers around the Strait of Hormuz, a critical route for global oil trade. The heightened risk has pushed Brent crude towards the $95-$100 per barrel range, while higher shipping costs are adding to the cost of bringing petroleum products into the market.
The impact is already evident in the diesel market. Dangote Refinery increased its AGO price by ₦100/litre to ₦1,850/litre yesterday, while depots such as African Terminal, Integrated and Duport were also selling AGO at ₦1,850/litre.
The move has heightened expectations of a possible PMS price review, with traders closely watching Dangote Refinery as crude and shipping costs continue to rise.
A source close to the refinery told Petroleumprice.ng that Dangote does not want to repeatedly review its prices and is studying the market carefully before taking a decision. The source said sustained elevated international crude prices could, however, require a review in view of replacement costs.
For now, the ₦1,314.67/litre MEMAN landing cost remains above prevailing domestic PMS prices, leaving the market focused on crude prices, shipping costs and the next pricing decision from Dangote Refinery.