The landing cost of premium motor spirit has dropped to N774.82 per litre, which is lower than Dangote Refinery’s ex-depot price of N825 per litre, according to the latest competency centre daily energy data from the Major Energies Marketers Association of Nigeria (MEMAN).
MEMAN data shows that the estimated import parity into tanks has fallen to N774.82 per litre, marking a reduction of N152.56 or 16.5 percent from the N927.48 per litre recorded on February 21, 2025.
This decline follows a continued drop in global oil prices, with Brent Crude falling to $70 per barrel and US WTI to $66.70 as of Wednesday morning, March 12, 2025, compared to around $76 and $69 in February.
As global crude prices decrease, petrol prices in Nigeria may drop further to around N800 per litre, down from the current lowest retail prices of N860 and N880 per litre in Lagos and Abuja.
Earlier in March, both the Nigerian National Petroleum Company Limited and Dangote Refinery reduced their petrol retail prices to N860 and N880 per litre in Lagos and Abuja.
Speaking on the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, noted that petrol prices could drop further.
“Crude oil is a major factor in fuel production, so a further decline in its price would likely lead to a reduction in petrol prices, possibly down to N800 per litre,” Ukadike said.
