Dangote refinery gains edge as fuel import costs rise

Oil marketers are lifting more petroleum products from the Dangote Petroleum Refinery as the estimated cost of importing petrol and diesel into Nigeria rises above the refinery’s selling prices, while fresh cargoes continue to move through the country’s coastal supply chain.

According to the latest Energy Bulletin of the Major Energies Marketers Association of Nigeria, Dangote’s gantry price for Premium Motor Spirit (petrol) stood at N1,350 per litre as of September 17, 2026, compared with an estimated import parity price of between N1,364.02 and N1,365.02 per litre into tank at the NPSC/ASPM jetty in Apapa on the spot market.

The seven-day average import parity price was higher at N1,371.92 per litre, indicating that importing petrol was about N14 and N22 per litre more expensive than lifting the product from Dangote on the respective benchmarks.

Petrol landed cost was N1,420 as of September 14 before retreating to N1,365 a few days later.

The price gap was also reflected in automotive gas oil, commonly known as diesel. Dangote’s gantry price was N1,850 per litre, while the estimated landed cost was N1,933.56 per litre on the spot market and N1,934.91 per litre on a seven-day average.

The coastal price of PMS from Dangote was listed at N1,330 per litre, while its AGO coastal price stood at $1,580.75 per metric tonne.

The development comes as fresh petroleum product cargoes continue to move through Nigeria’s coastal supply chain, with vessels carrying petrol, diesel, aviation fuel and butane recorded across Lagos, Warri and Port Harcourt.

The latest tanker position report monitored by Petroleumprice.ng showed that 219,000 metric tonnes of petroleum products were recorded across the three locations between September 14 and 20.

The report showed that many of the vessels were loaded at the Dangote refinery, while others were supplied from different sources.

In Lagos, the 20,000MT Um Balwa, carrying AGO for PPMC, arrived on September 9 and berthed at New Oil on September 17. The vessel was loaded at the Dangote Refinery and was awaiting clearance to commence discharge.

Another vessel, Ashabi, carrying 15,000MT of Jet A1 and 10,000MT of AGO for Ardova and CITA, berthed at Bulk Oil on September 20 after loading at the Dangote plant in Lekki Free Zone, Lagos.

Also, SL Aremu, carrying 26,500MT of Jet A1 for Sahara, berthed at the Sahara depot on September 18 after loading at Dangote.

Matrix Energy was listed as the receiver of two PMS cargoes aboard Matrix Pride. One carried 20,000MT and was scheduled for Wosbab, while another 25,000MT cargo was scheduled for NOJ Apapa on September 22. The source has yet to be confirmed.

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In Warri, Rain Oil received 15,000MT of PMS aboard Bora, which berthed at its depot on September 16. The vessel was loaded at NY Maria, with discharge ongoing as of the time of this report.

Another 15,000MT AGO cargo aboard Stellar for Rain Oil berthed at Cybernetics on September 17. The vessel was loaded at the Dangote refinery and was discharging at the time of the report.

Rain Oil was also listed as the receiver of 15,000MT of PMS aboard Princess Oge, which berthed at Parker on September 19 after loading at NY Maria.

In Port Harcourt, Zonda, carrying 20,000MT of AGO for Pivot Energy, was listed as loading at the Dangote plant but had yet to arrive for discharge at Liquid Bulk.

The tanker movements suggest that Dangote-refined products are continuing to form a significant part of the coastal supply chain, even as some marketers receive products from other sources.

MEMAN’s data also showed that aviation turbine kerosene (jet fuel) gantry price was listed at $1,646.75 per metric tonne, while the estimated landed cost stood at N1,867.01 per litre on the spot market. The refinery’s coastal price for ATK was $1,616.75 per metric tonne.

For Liquefied Petroleum Gas, Dangote’s gantry price was N925,000 per metric tonne. The association said its import parity calculations were based on Platts assessments for gasoline, diesel and jet fuel, freight from Lomé to Apapa, a 32 per cent annual finance charge for 30 days, Nigerian Ports Authority dues, NIMASA levies and other statutory costs.

The calculations assumed cargo sizes of 30,000MT for PMS and AGO and 15,000MT for ATK.

MEMAN stated that its estimated import parity cost into tank was calculated at the NPSC/ASPM jetty in Apapa using data from the Central Bank of Nigeria, Reuters and Trade Economics.

The seven-day average exchange rate used in the latest calculations was N1,328.65 to the dollar, while Brent crude averaged $105.50 per barrel. West Texas Intermediate averaged $100.96, while Nigeria’s Bonny Light closed at $122.92 per barrel over the period.

All Dangote gantry prices published by MEMAN include charges payable to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, according to the bulletin.

The continuing movement of fresh cargoes comes amid changes in the economics of importing petroleum products, with marketers having to weigh prevailing international prices, exchange rates, freight and other landing costs against locally refined supplies.

Our correspondent observed on Monday that some filling stations along the Lagos-Ibadan highway had reduced their petrol pump prices below N1,400 per litre, selling the product at around N1,370 and N1,390.