Fuel Crisis Deepens: Petrol Landing Cost Falls to ₦840, But Pump Prices Soar Beyond ₦920 Nationwide

Despite a notable drop in the landing cost of imported petrol, fuel prices across Nigeria have continued to skyrocket, worsening the economic hardship faced by millions of Nigerians.

According to a new report by The Punch on Friday, data obtained from the Major Energies Marketers Association of Nigeria (MEMAN) revealed that the landing cost of petrol fell marginally from ₦849.61 to ₦839.97 per litre between October 13 and 21. However, instead of bringing relief, the decline has been overshadowed by an inexplicable surge in pump prices — with motorists now paying between ₦915 and ₦928 per litre at filling stations nationwide.

Industry experts say the situation exposes deep distortions within the downstream oil sector, where depot operators and marketers continue to dictate prices despite market indicators suggesting otherwise.

Further compounding the situation, MEMAN’s data indicates that the current landing cost is about ₦37 cheaper than the Dangote Refinery’s gantry price of ₦877 per litre. The refinery, which had initially pegged its ex-depot price at ₦820, reportedly raised it to ₦877 without notice — a move marketers say triggered a fresh wave of price adjustments across the country.

This development has drawn sharp criticism from stakeholders. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) accused the refinery of destabilizing the market through what it described as “strategic price manipulations.”

According to DAPPMAN’s Executive Secretary, Olufemi Adewole, the Dangote Refinery currently supplies only 30 to 35 percent of Nigeria’s fuel needs, leaving importers to bridge the supply gap under government-regulated conditions. “Instead of easing pressure on consumers, the refinery’s inconsistent pricing has worsened volatility in the sector,” Adewole lamented.

Ironically, the price surge is occurring at a time when global crude oil prices have dropped to about $61 per barrel, and the naira has strengthened to ₦1,470 per dollar — both factors that should ordinarily lead to cheaper fuel.

Independent marketers have also voiced their frustrations, alleging delays in product loading at the Dangote facility despite full advance payments. The delays, they claim, force them to purchase petrol at inflated depot rates, passing the additional costs to consumers.

As a result, pump prices have hit new highs in several states, ranging between ₦930 and ₦950 per litre, sparking renewed public outrage and calls for government intervention to stabilize the market and rein in arbitrary pricing.

Economic analysts warn that if the current trend continues, the ripple effects could cripple transport, food supply, and small-scale industries — deepening the cost-of-living crisis across the nation.