Nigeria: Petrol hike looms as PMS landing cost rises above Dangote refinery price

On Sep 11, 2026

Oil rig in the yards. Apapa, Port of Lagos, Nigeria.
Image used for illustrative purpose.
Image courtesy: Getty Images/ IgorSPb

The widening difference between the international replacement cost and Dangote Refinery’s current gantry price could put renewed pressure on domestic petrol prices

Staff Writer

,
Nigerian Tribune

Fresh pressure is mounting on petrol prices as the estimated landing cost of Premium Motor Spirit (PMS) has climbed to ₦1,311.36 per litre, surpassing the ₦1,265 per litre gantry price of Dangote Petroleum Refinery by ₦46.36.

The development has raised fears of another increase in petrol pump prices as international crude oil prices continue to rise, with Brent crude trading at about $105 per barrel on Thursday.

The latest landing-cost estimate, contained in the Major Energy Marketers Association of Nigeria (MEMAN) report, stood at ₦1,311.36 per litre as of September 8, up from the 30-day average of ₦1,216.34.

The latest figure represents an increase of ₦95.02 per litre over the monthly average, reflecting the recent surge in international crude oil and refined petroleum product prices.

The widening difference between the international replacement cost and Dangote Refinery’s current gantry price could put renewed pressure on domestic petrol prices if the rise in crude oil prices persists.

Although Dangote Refinery has not announced any fresh adjustment to its PMS price, the prevailing market conditions have heightened concerns among motorists and other consumers over a possible increase.

Checks by the Nigerian Tribune in Lagos on Thursday showed that most filling stations had yet to significantly adjust their pump prices, with several outlets selling petrol between ₦1,290 and ₦1,310 per litre.

At some stations, however, prices were already higher.

A motorist, Mr Emma, said he purchased petrol at ₦1,330 per litre at Conoil, Ojota, Lagos, although he observed that some other major marketers had retained their existing prices.

“Mobil, Total, AP and Rainoil are still selling at the same prices,” a commercial driver who operates on the Lagos Island-Ikeja route said.

The development has also triggered concerns among motorists that a further rise in petrol prices could push up transportation and other living costs.

Industry watchers said sustained increases in crude oil and refined-product prices could eventually be reflected in domestic petrol prices, particularly if the gap between international replacement costs and local refinery prices continues to widen.

The latest development comes amid the surge in Brent crude above the $100 per barrel mark, increasing the cost of crude feedstock and imported refined products.

For motorists and other consumers, the key concern now is whether the rising PMS landing cost will translate into higher pump prices in the coming days.

While Dangote Refinery has yet to announce a new PMS price, continued pressure from the international market could make another upward price review increasingly likely, an industry expert said.

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