The landing cost of premium motor spirit (PMS) in Nigeria has declined to N774.82 per litre, falling below Dangote Refinery’s ex-depot price of N825 per litre, according to data from the Major Energies Marketers Association of Nigeria (MEMAN).
A recent MEMAN report revealed that the estimated import parity into tanks has dropped by N152.56, or 16.5%, from the N927.48 per litre recorded on February 21, 2025. This price reduction aligns with a continued decline in global crude oil prices, with Brent Crude trading at $70 per barrel and US WTI at $66.70 as of March 12, 2025—down from approximately $76 and $69 in February.
As a result, fuel prices in Nigeria could see further reductions, potentially falling to around N800 per litre from the current retail rates of N860 and N880 per litre in Lagos and Abuja.
Earlier this month, the Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery adjusted fuel prices to N860 and N880 per litre in response to market conditions.
Commenting on the situation, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), suggested that a continued decline in crude oil prices could drive petrol prices even lower.
“Since crude oil plays a crucial role in fuel production, any further drop in its price will inevitably lead to lower petrol prices. We might see prices fall to around N800 per litre,” Ukadike said.
With fluctuations in the global oil market, Nigerians may soon experience some relief at the pump.
