Despite a lower landing cost of imported petrol, prices of petrol across Nigeria has continued to go high.
A report by the Major Energies Marketers Association of Nigeria showed that the landing cost of Premium Motor Spirit stood at N1,080.47 per litre as of March 16, 2026—about N94.53 lower than the domestic gantry price of N1,175 per litre.
The price disparity is expected to incentivise increased importation by marketers seeking cheaper supply sources. However, the impact has yet to translate into lower pump prices nationwide, where petrol still sells between N1,200 and N1,300 per litre in many locations.
Data from the Nigerian Ports Authority indicate that several vessels carrying petrol and diesel have recently discharged products at ports, boosting supply into the domestic market. Recent imports of petrol alone were estimated at over 156 million litres.
Industry stakeholders say the continued high retail prices are driven by distribution costs, logistics, and other supply chain factors, particularly in areas far from coastal depots.
The Independent Petroleum Marketers Association of Nigeria said independent marketers are prepared to source products from both local and international markets to ensure steady supply and foster competition.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority clarified that no fresh import licences were issued in the first quarter of 2026, noting that current imports are being executed under previously approved permits and existing stock arrangements.
The regulator added that Nigeria still faces a supply gap, with an estimated daily consumption of 56 million litres compared to local supply of about 36 million litres, making imports necessary to bridge the deficit.
Economic analysts warn that unless global crude oil prices decline, Nigerians may not see immediate relief, as fuel pricing remains tied to international oil benchmarks.
They also cautioned that continued reliance on imports could reignite debates over market control and long-term energy security.
