Petrol Import Cost Crashes to N1,164 as Dangote, NNPCL Pump Prices Face Fresh Pressure

According to a report by Daily Post on Tuesday November 10, 2026, the cost of importing petrol into Nigeria has fallen to N1,164.06 per litre, raising the possibility of a fresh reduction in pump prices as competition between domestic refiners and fuel importers continues.

Data from the Major Energies Marketers Association of Nigeria (MEMAN) showed that import parity dropped to N1,164.06 per litre on November 5, compared with N1,189.86 recorded a day earlier.

The latest figure represents a decline of N25.80 per litre, equivalent to a 2.17 per cent reduction in the cost of imported petrol.

However, the import parity price remains below the N1,215 per litre gantry price of the Dangote Refinery, indicating a difference of N50.94 between the two rates.

The development coincides with a decline in international crude oil prices, which could influence the cost of refined petroleum products in the domestic market.

Brent crude fell by 2.31 per cent to $90.43 per barrel, while West Texas Intermediate (WTI) dropped by 1.93 per cent to $85.17 per barrel.

The decline in global oil prices followed easing tensions surrounding the Iran war, according to DAILY POST.

Further reductions in crude prices could create room for lower petrol costs in Nigeria in the coming days, particularly as imported products compete with supplies from local refineries.

At present, petrol prices remain considerably higher at several filling stations across the country. DAILY POST reported that outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) sell the product at N1,325 per litre.

Other filling stations reportedly charge between N1,395 and N1,420 per litre.

Although the lower import parity price could intensify pressure on domestic pump prices, whether retailers will adjust their rates remains to be seen.

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