Nigeria’s independent fuel marketing industry is pressing regulators to reassess newly issued petrol import approvals, arguing that imported gasoline is now priced well above fuel produced by local refiners. The call comes as the trade group Major Energy Marketers Association of Nigeria (MEMAN) warned that petrol “landing costs” have surged sharply, raising the cost base for imports.
MEMAN said the petrol landing cost reached N1,190.96 per litre as of July 16, with seven-day and 30-day benchmarks averaging N1,155.45 and N1,070.66 per litre respectively. The marketers linked the increase to a weaker naira and higher global crude oil prices, citing currency depreciation alongside a rise in benchmark costs for crude supply.
In its explanation, MEMAN reported that the naira averaged N1,380.51 to the dollar over the period in question, while Brent crude traded at an average of $81.08 per barrel. Those factors, the group argued, have fed through into the delivered cost of imported petrol.
Responding to the figures, the Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to review the import licences it recently issued. IPMAN said its members are concerned that some importers are selling petrol at around N1,350 per litre—substantially higher than the price offered by Dangote Refinery.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, questioned the rationale of continuing to grant import approvals when imported fuel is reportedly more expensive than gasoline refined domestically. He said imported petrol is currently costing roughly 20% more than fuel supplied by Dangote Refinery, describing the resulting structure as economically inefficient.
Ukadike added that selling higher-priced imported fuel would also worsen pressure on Nigeria’s foreign exchange reserves and further strain the naira, particularly at a time when the currency has already been weakening. He argued that maintaining the current approach undermines the economic logic of using local refining capacity to meet demand.
He urged the Federal Government and regulators to strengthen local refining, highlighting Dangote Refinery and government-owned refineries as key anchors for energy security. Ukadike said this would help sustain reliable supply and support more affordable retail prices, while reducing Nigeria’s exposure to import price swings and FX outflows.
IPMAN also credited domestic refining with helping to end the long-running fuel shortages Nigeria faced during earlier periods when the country depended heavily on imported products. Beyond supply stability, the group said prioritising local output could open additional opportunities, including petroleum exports and extra foreign exchange earnings.
Finally, IPMAN called on authorities to tackle pricing issues across the downstream sector and to shift policy emphasis toward domestic production rather than imports, arguing that expanding refining capability can improve affordability for consumers while strengthening Nigeria’s balance of payments position.
